**London**: CIBC Innovation Banking has announced a $10 million debt financing deal with Sedna Communications, focusing on advancing AI solutions for workflow automation in global trade and supply chains. The funding aims to enhance Sedna’s market position and accelerate its growth and technological innovations.
CIBC Innovation Banking has announced the provision of $10 million in debt financing to Sedna Communications Ltd, a notable player in the artificial intelligence sector, specifically focusing on workflow automation for global trade and supply chain management. This funding, supported by Insight Partners, aims to foster artificial intelligence innovation, improve platform integrations, and promote sustainable growth, thus better supporting Sedna’s expanding customer base.
Founded in 2017, Sedna is instrumental in assisting maritime and supply chain enterprises in extracting crucial data from emails, which remain the dominant method of communication within the industry. The company boasts the largest customer base for maritime communications, catering to a diverse clientele that includes port agents, vessel operators, charterers, brokers, and IT managers.
Sedna’s AI-driven platform is designed to significantly enhance operational efficiency, reportedly increasing operator capacity by 200% and achieving an 80% productivity boost. It allows businesses to save an average of 10 hours per week for each team member. In November 2024, the company further bolstered its capabilities with the acquisition of Nordic IT, a leading expert in email management solutions. This strategic acquisition, alongside Sedna’s rapid growth, has solidified its position as the dominant provider of maritime email solutions, capturing the largest market share in this sector.
Commenting on the financing, Robert Scott, CFO of Sedna, expressed that “securing this growth financing from CIBC Innovation Banking is a testament to Sedna’s strong market position and continued momentum.” He highlighted the importance of efficiency and speed in their sector, noting that the funding will enable the company to expedite investment in advanced technology and broaden its impact across the global trade and supply chain landscape. Scott also acknowledged CIBC as a strategic financial partner, stating, “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 for UK & Europe at CIBC Innovation Banking, underscored the significance of the maritime and supply chain industry in the context of global trade, adding, “communication is central to this success.” He elaborated on Sedna’s solution, which facilitates informed and timely decisions by ensuring that critical information is relayed to the appropriate individuals at the right time. Duffy expressed pride in supporting Sedna on its growth journey.
Source: Noah Wire Services
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