Fredericton-based internet-of-things venture SmartSkin Technologies has borrowed $7.5 million from CIBC Innovation Banking and intends to use the money to expand its market reach.

SmartSkin and CIBC issued a press release announcing the credit facility last week.

“This financing fuels our ambition to become the essential intelligence layer for pharmaceutical and beverage manufacturing,” said SmartSkin CEO Evan Justason. “We’re no longer just solving individual problems—we're building the digital foundation these industries will depend on to operate efficiently, safely, and with zero defects. With the trust of global leaders and a presence across every major market, SmartSkin is positioned to be not just a solution—but a standard.”

SmartSkin Technologies, led by Justason and CTO Kumaran Thillainadarajah, uses industrial internet-of-things technology to improve the efficiency of production lines in the bottling industry. Its main clients are in the pharmaceutical and beverage industries.

Its technology uses pressure-sensitive sensors and AI-driven analytics to provide global manufacturers with actionable data on the forces their containers experience during the filling, packaging and transporting process.

SmartSkin’s equity investors include the Business Development Bank of Canada, the New Brunswick Innovation Fund, East Valley Ventures and Schott Pharma.