CIBC Innovation Banking Provides Spare With $10 Million in Growth Capital to Accelerate Expansion of AI-Driven Mobility Solutions
Canadian Imperial Bank of Commerce (CM)
Last canadian imperial bank of commerce earnings: 2/26 05:53 am
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Source: Business Wire
TORONTO--(BUSINESS WIRE)--CIBC Innovation Banking announced today it has provided $10 million in growth capital to Spare, a leading provider of on-demand transit software. The funding will accelerate Spare's development of Artificial Intelligence (AI) solutions, helping to advance its mission to enhance public transit accessibility and efficiency for people underserved by conventional transit systems.Spare Platform allows public transit agencies to provide flexible, responsive transportation services that adapt in real-time, dispatching rides based on riders' individual needs. This flexibility is crucial for individuals with limited access to transit or those unable to use conventional transportation due to disabilities. By facilitating efficient and safe travel for more community members, transit agencies can ensure that everyone, regardless of physical ability or geographic location, has equal access to mobility.Spare Platform already uses AI to dynamically schedule and dispatch
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News
- Canada May Retail Sales Likely Fall 0.6% After April Rebound [Yahoo! Finance Canada]Yahoo! Finance Canada
- Canadian Imperial Bank of Commerce (NYSE: CM) was downgraded by analysts at StockNews.com from a "hold" rating to a "sell" rating.MarketBeat
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- CIBC Innovation Banking Leads Senior Syndicated Debt Commitment for Yipit, LLCBusiness Wire
CM
Earnings
- 5/30/24 - Beat
CM
Sec Filings
- 6/21/24 - Form 424B2
- 6/20/24 - Form 424B2
- 6/18/24 - Form 6-K
- CM's page on the SEC website