Hifi completes $10 million in equity financing
Calgary-based startup looks to expand deployment of fiber optic preventative pipeline leak detection and flow monitoring technology platform.
Calgary-based Hifi Engineering Inc. a developer and supplier of fiber optic sensing technology used to monitor pipelines and oil and gas wells, announced $10.0 million equity financing from BDC and an existing strategic investor. According to the company, the proceeds primarily be put toward rapid commercial growth domestically and internationally, as well as fund ongoing R&D.
Hifi’s fiber optic sensing and monitoring system has been commercially deployed with a number of partners such as oil and gas pipeline operators, mining operators, and water utilities in Canada, the U.S., Europe and South America. The company currently has a number of commercialized products based on its high fidelity dynamic sensing (HDS) technology platform, over 50 patents, and was named Digital Innovator of the year for the 2019 Global Petroleum Show (GPS) awards.
“We are excited to be part of Hifi’s organization and to support its management team’s impressive growth plans, which are a win for both the environment and the economy,” says Cheri Corbett, Director, Cleantech Practice at BDC. “We are confident that Hifi can continue on its path of becoming an industry standard system for pipeline operators across North American and internationally.”