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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 905,122,577
Close 2022-11-02 C$ 61.42
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CIBC provides SupportLogic with growth capital facility

2022-11-03 12:09 ET - News Release

Mr. Youssef Kabbani reports

CIBC INNOVATION BANKING ANNOUNCES GROWTH CAPITAL FACILITY FOR SUPPORTLOGIC

Canadian Imperial Bank of Commerce's CIBC Innovation Banking has provided a growth capital facility to San Jose-based SupportLogic Inc., a support experience (SX) platform designed to pro-actively improve customer experience and revenue retention.

The SupportLogic platform leverages artificial intelligence and natural language processing to extract and analyze underlying customer sentiment signals from structured and unstructured data surrounding support interactions. These signals turn into recommended actions that enable managers to prioritize the most critical cases, pre-emptively predict and prevent escalations, coach agents, and reduce customer churn.

"SupportLogic has done a remarkable job in delivering AI-driven insights that enable support teams to prevent escalations, which historically have proven to be time consuming and financially costly," said Youssef Kabbani, director in CIBC Innovation Banking's Menlo Park office. "The team, led by founder and CEO Krishna Raja, has been very successful in attracting some of the largest and most complex technology companies to its platform and we are very excited to work with the company as it scales to greater heights."

"SupportLogic is empowering world-class B2B [business-to-business] enterprise companies to transform their support experience and their brand impressions," said Ms. Raja, founder and chief executive officer, SupportLogic. "Working with CIBC Innovation Banking is going to help us to scale our business and with market expansion."

SupportLogic plans to leverage the growth capital facility to continue building new features and products to further assist support teams, management and executives.

SupportLogic's existing investors include Sierra Ventures, Sorenson Ventures, WestBridge Capital Partners and General Catalyst.

About CIBC Innovation Banking

CIBC Innovation Banking delivers strategic advice, cash management and financing to innovation companies across North America, the United Kingdom and select European countries at each stage of their business cycle, from start-up to initial public offering and beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver, Durham, London, Menlo Park, Montreal, New York, Reston, Seattle, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC's commercial banking and capital markets businesses in the United States, Canada, the U.K. and select European markets.

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