NEW YORK — Investment group CIBC Innovation Banking said on Thursday that it will provide $10 million in growth capital financing to genetic counseling services provider InformedDNA.
CIBC said that InformedDNA will use the money to scale its technology and expand its staff of genetic counselors.
"CIBC Innovation Banking understands the capital needs of our business and is willing to provide a flexible debt solution so we can continue to execute on our business strategy," InformedDNA CEO David Nixon said in a statement.
In December, St. Petersburg, Florida-based InformedDNA signed definitive agreements to receive growth capital investments from TT Capital Partners, NovaQuest Capital Management, and Frist Cressey Ventures. At the time, CIBC also provided InformedDNA with a flexible credit facility.