CIBC Innovation Banking today announced $10 million in growth capital financing for Clariti, a leading provider of purpose-built community development solutions for North American local governments. This funding will accelerate the development of new product features, support the ongoing integration of permitting technology provider Camino, which was acquired by Clariti in 2023, and be reinvested in customer service teams to support the company’s rapidly growing customer base across North America.
Clariti’s platform helps governments of all sizes simplify the permitting process, from pre-application to review and approval. Clariti customers report greater staff and resident satisfaction, and a significant reduction in calls, counter visits, and permit issuance time. Clariti is trusted by many local governments across Canada and the United States. The cities of Albany, NY, and Honolulu, HI, recently announced selecting Clariti to simplify and modernize their planning and permitting processes, and the City of Tampa, FL launched Clariti's Camino Guide to help customers quickly identify the permits they need and the steps to submit their applications correctly.
Clariti also recently received an investment of $18 million by Vistara Growth that in combination with CIBC Innovation Banking will accelerate growth across the company.
“With the CIBC Innovation Banking facility in place we can confidently accelerate plans to scale our customer-facing teams during a time of continued leading growth,” said Cyrus Symoom, Co-CEO, Clariti. “Additionally, Vistara Growth’s investment underscores confidence in our innovative solutions driving digital transformation across government operations, simplifying processes, and enhancing citizen services.”
“We’ve been impressed with Cyrus and his team since they first acquired Clariti and could not be happier to be joining them on this journey,” said Joe Timlin, Managing Director, CIBC Innovation Banking. “They are well positioned to continue to grow in this space and provide quality community development solutions for their customers.”
About CIBC Innovation Banking
CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the UK, and select European countries at each stage of their business cycle, from start up to IPO 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, private banking, wealth management and capital markets businesses.
About Clariti Software
Clariti’s community development software helps some of the largest cities in North America deliver exceptional permitting experiences for customers and staff. Our software offers unmatched scalability for governments to shape their system to work how they need, and today helps one in three citizens in North America easily access community development services online. In 2024, Clariti was named to the GovTech 100 List for the third consecutive year. To learn more about Clariti and its solutions, visit https://www.claritisoftware.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240626748381/en/