Press Release
SCIEMETRIC RAISES $4,000,000 IN FINANCING
Sciemetric®, the world leader in signature analysis technology today announced it has secured $4 million in financing from an investor syndicate consisting of the Business Development Bank of Canada (BDC), RoyNat Capital, and Trellis Capital Corporation. The new investment will be used to expand sales and marketing activities, accelerate new product and applications development, and to fuel vertical market expansion to continue the company’s impressive track record of year-over-year growth.
“This investment will allow us to realize the tremendous potential in the technology we have developed over the last 10 years. Our market is enormous since our products can enable virtually any manufacturing or assembly company to immediately reduce costs and improve product quality through in-process defect detection.” said Nathan Sheaff, founder, president and CEO at Sciemetric. “Our growth has consistently met or exceeded our projections, and despite the current economic slowdown, we are fully on track to meet our business plan again this year.”
“Sciemetric’s platform technology, established blue-chip customer base, and compelling payback for its customers makes an investment in the company extremely attractive,” said Sunil Selby, Managing Director, Trellis Capital Corporation. “We are excited to be involved with Sciemetric, its proven world class technology, its people and the large market potential,” said Dominic Talalla, Director, BDC Venture Capital. Chris Nelson, Senior Associate, Merchant Banking, RoyNat Capital added that “Sciemetric has customer validated technology and unmatched expertise in the area of industrial test systems – we are excited about becoming part of that team and sharing future success with them.”. Sciemetric’s legal counsel LaBarge Weinstein was instrumental in assisting the company in facilitating the entire process, and acted as business adviser for the deal.
Sciemetric is the world leader in signature analysis – a technology that uses software algorithms to analyze waveforms in order to detect defects and spot quality deficiencies in manufacturing and assembly processes in real time, on the factory floor. The company also specializes in birth history data management systems, which allow manufacturing companies to have complete traceability over the manufacturing, assembly, test and repair operations performed on each serialized product made. The company’s systems boast flexible hardware and software for an almost endless array of applications. Key target markets include the transportation sector (engines, transmissions, and automotive components), machinery, electrical equipment and the appliance sector.
Sciemetric is a privately held Canadian technology company with offices in Canada, the United States and Europe, and its technology is used by many Fortune 500 companies including Ford, General Motors, DaimlerChrysler, Delphi, Visteon, Comau-PICO, J.A. Krause, JW Froehlich, Loctite, Hewlett Packard and many more.