Calgary-based Hifi Engineering has closed a $10 million equity financing that it says will be used to assist with “rapid commercial growth” and continued R&D for its technologies including fibre optic pipeline sensing technology, flow monitoring, and algorithm development based on artificial intelligence and machine learning.
BDC and an existing Hifi investor are each contributing $5 million of equity capital, Hifi said.
“The strategic alignment of BDC with our existing investors in Enbridge and Cenovus represents a powerful force that will accelerate the successful application of Hifi’s HDS technology to the pipeline monitoring industry, which will assist in improved pipeline safety for all stakeholders,” Hifi CEO Steven Koles said in a statement.
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 says.
Hifi says the financing will allow it to continue expanding its deployments on both new build and existing pipelines to improve leak prevention and detection for infrastructure partners.
Cheri Corbett, director of BDC’s cleantech practice, said Hifi’s “impressive growth plans” are a win for both the environment and the economy.
"We are confident that Hifi can continue on its path of becoming an industry standard system for pipeline operators across North American and internationally," she said.