CIBC Innovation Banking today announced it has extended a $12.5 million credit facility to CollegeNET, Inc., a software provider to colleges and universities. The credit facility will be used to further scale CollegeNET’s business.
CollegeNET, Inc. designs and builds on-demand SaaS (Software-as-a-Service) technologies used by colleges and universities for event and academic scheduling, recruitment and admissions management, AI/supercomputer video interviewing services, and electronic academic records delivery.
“Based on our new, patented StandOut technology, we can now scale video interviewing through AI/Supercomputing to thousands of candidates while delivering the real candidate to employers and universities,” said James Wolfston, CollegeNET’s Chief Executive Officer and Founder. “CIBC’s financing will help us accelerate our growth ambitions.”
CIBC’s Innovation Team specializes in providing banking services including financing to start-up and early stage companies.
“We are pleased to have been chosen by CollegeNet for their financing needs,” said Jeremy Epstein, Managing Director and Market Lead, CIBC US Innovation Banking. “Our team recognizes the evolution in the college application and interview process and we are excited to provide this financing to support CollegeNET’s further growth.