Since launching a decade ago in 2014 to provide environmental monitoring to water infrastructure utilities, infinitii ai has evolved into a machine learning software firm that serves customers in many major North American municipalities, including Toronto, Montreal, and York in Canada and Seattle, Boston, and Los Angeles in the US.
This week, the Vancouver-based predictive analytics company announced that it has closed an oversubscribed private placement.
“We are pleased to announce that our original goal of raising $875,000 has been oversubscribed to now total $1 million,” stated chief executive officer Jean Charles Phaneuf.
The financing was led by ThreeD Capital and included participation from other shareholders.
Last year, ThreeD Capital founder Sheldon Inwentash was appointed Strategic Advisor to Phaneuf.
“ThreeD Capital has once again led an investment in infinitii ai’s market opportunity, product vision, and our proven business execution,” said Phaneuf.
The proceeds will be used for “working capital and payment of outstanding convertible debts,” according to a statement from the company.
Infinitii ai also recently announced its highest-ever quarterly result for software sales, generating nearly $700,000 in revenues for the three-month period ended March 31.
In Canada, infinitii’s water management software now serves more than 90% of the Greater Toronto and Hamilton Area population. The BC firm has been working in the Toronto area since 2016.
Infinitii ai rebranded in 2022 from Carl Data Solutions.
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