CIBC Innovation Banking grants $10M to maritime tech platform Sedna
CIBC Innovation Banking has announced that it has provided $10 million in debt financing to Sedna Communications, an Insight Partners-backed AI-powered workflow automation platform, which specialises in the global trade and supply chain market. The funding will drive AI innovation, expand platform integrations, and support sustainable growth to better serve Sedna’s customers.
Founded in 2017, Sedna helps maritime and supply chain businesses extract important data from emails – the primary mode of communication in the industry – to streamline and consolidate business decisions. It has the largest customer base for maritime communications, including port agents, vessel operators, charterers, brokers, and IT managers.
By leveraging Sedna’s AI-driven platform, businesses can increase operator capacity by 200% and achieve an 80% productivity boost, saving each team member an average of 10 hours per week. In November 2024, Sedna strengthened its capabilities with the acquisition of Nordic IT, a leading specialist in email management solutions. This strategic move, combined with Sedna’s rapid growth, has positioned the company as the dominant provider of maritime email solutions, securing the largest customer share in the market.
Robert Scott, CFO of Sedna, said: "Securing this growth financing from CIBC Innovation Banking is a testament to Sedna’s strong market position and continued momentum. In a sector where efficiency and speed are critical, this funding enables us to accelerate our investment in cutting-edge technology and scale our impact across the global trade and supply chain industry. CIBC has proven to be a dynamic and strategic financial provider, offering the flexibility and industry expertise that high-growth companies like ours need to thrive."
Sean Duffy, Managing Director, UK & Europe, of CIBC Innovation Banking, said: “The maritime and supply chain industry is such an integral part of global trade, and communication is central to this success. Sedna’s solution enables players in the industry to make informed, timely decisions by ensuring critical information reaches the right people at the right time. We are proud to support Sedna on its growth journey.”
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