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The Venture Codex

CIBC Innovation Banking

40 King St W #5702, Toronto, ON, M5H 3C2, Canada

Overview

CIBC Innovation Banking is a financial partner to entrepreneurs and investors. Backed by the strength of CIBC, Innovation Banking can provide financial capital, rich network of connections, and insightful service that give our clients an edge in the innovation economy.

Total investments
90
Lead investments
78
Investments · 12mo
10
Active investors
13

Sector focus

  • Banking
  • Business Development
  • Finance
  • Financial Services
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Investment portfolio

  • Modo Energy

    Led · Equity · Jul 2026

    Founded in 2019 and headquartered in London, Modo Energy provides an AI-powered benchmarking and valuation platform for energy storage and renewable assets, including its AI analyst, Ko. The platform is used by more than 200 companies across 30 countries and covers 15 energy markets. Modo’s forecasts have helped finance over $3.8 billion of assets, and it is the only FCA-regulated benchmark provider for battery energy storage. The company employs a team of more than 75 analysts, data scientists, and engineers and plans to continue hiring as it expands into new markets. Recent capital raises include a Series B led by Molten Ventures six months ago with follow-on funding from MMC, and a $17 million growth funding package led by CIBC Innovation Banking, bringing total funding to $52 million. Modo intends to use the new funds to further develop Ko, invest in its platform, and expand sales and marketing efforts.

  • Qover

    Led · Equity · Mar 2026

    Qover provides orchestration technology that lets partners embed insurance into digital products and services and currently supports programmes for partners including Revolut, Mastercard, BMW, Monzo, bunq, Canyon and Trust Travel across more than 32 countries. The company reports its platform protects around 15 million users and expects that to reach 55 million by the end of 2026, with a stated goal of protecting 100 million people by 2030. Qover has recorded threefold revenue growth over the past four years and has generated more than $173M in gross written premiums through its embedded insurance programmes. Founded in 2016 and headquartered in Brussels, the company is investing in its orchestration platform, AI capabilities and operational infrastructure to scale its embedded insurance offering.

  • AlayaCare

    Led · Debt Financing · Feb 2026

    AlayaCare offers an end-to-end, cloud-based platform that helps public, private, and non-profit home-care providers manage the full client lifecycle, from needs assessments and care plans to scheduling, route optimization, billing, and visit verification. Its solution also supports virtual care and remote patient monitoring through mobile applications, aiming to reduce the cost of care and improve client outcomes. Founded in 2014, the company has grown to more than 600 employees and serves customers across Canada, the U.S., and other international markets. AlayaCare emphasizes data-driven insights to streamline operations for caregivers and agencies. The firm is backed by investors including Inovia Capital, Generation Investment Management, La Caisse, Investissement Québec, and Klass Capital. Recent financing will enable further investment in technology development and strategic mergers and acquisitions. Management frames its mission as transforming the delivery of home and community care worldwide.

  • Recare

    Participated · Equity · Jan 2026

    Founded in 2017, Recare builds a software-as-a-service platform that digitally streamlines discharge management and aftercare for hospitals and other care providers. Its newly announced AI agent sits on top of existing hospital IT systems, coordinating clinical and administrative workflows, automating routine tasks such as medical letters and handover protocols, and structuring data from PDFs, scans, and free text into interoperable formats. By reducing manual paperwork, the system targets the growing skills shortages faced by healthcare professionals. The company plans to use new capital to broaden product development, roll out the AI agent across more facilities, and expand internationally beyond its current German customer base. Recare’s most recent growth financing provides up to €37 million of additional capital, making DNV its largest shareholder. While no revenue or user counts were disclosed, the sizeable round underscores investor confidence in the company’s market traction and expansion ambitions.

  • Klir

    Participated · Series B · Jan 2026

    Klir develops enterprise software that centralizes data for water utilities, giving operators a single source of truth for compliance, risk reduction, and day-to-day operations. Its platform aggregates program data, offers enterprise-grade security and governance, and features a generative AI assistant called Boots to reduce administrative burden. The company is focused on building durable, long-term infrastructure for utilities that expect decades-long vendor stability. Following sustained demand in a North American digital water market projected to more than double to $23.8 billion by 2033, Klir intends to invest in additional generative capabilities, faster customer onboarding, and other product enhancements. The firm employs roughly 60 people and plans rapid head-count expansion over the next year to support growth and customer success. With founders and employees retaining control, Klir emphasizes customer-driven development over short-term scaling pressures. The latest financing strengthens its balance sheet and provides operational flexibility for continued product and market expansion.

Team

  • Andrew Schwartz

    Managing Director & Market Lead - Innovation Banking

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  • Paul McKinlay

    Executive Managing Director and Co-Head

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  • Vahid Gharavi

    Credit Specialist and Lending Advisor

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  • Youssef Kallel

    Director - Innovation Banking

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