CIBC Innovation Banking provides financing package to art gallery technology platform Artlogic
CIBC Innovation Banking has provided a corporate debt financing package to Artlogic, a leading technology platform for the art world. The funding will be used to increase its research and development, helping to expand its product offering.
The platform’s integrated approach combines inventory, accounting, customer relationship management (CRM), website, sales, marketing, and payment solutions, giving those in the art industry all the tools needed to successfully run an art business. The business works with over 5,000 galleries, artists, advisors, and dealers with clients including Thaddaeus Ropac, Royal Scottish Academy, and Stephen Friedman Gallery.
Artlogic has teams in London and New York, with customers in more than 70 countries. To date, over 10 million artworks have been safely stored, managed, shared, and sold across the Artlogic platform. Artlogic was bought by Cove Hill Partners in 2022 and merged with three prominent New York-based art tech firms: ArtBase, exhibit-E, and galleryManager, integrating their expertise and product knowledge into the existing Artlogic platform.
Mike Profit, CEO of Artlogic said: “At Artlogic, we specialise in serving the art world, and we are always looking at how we can do more for the art community by providing them with a one-stop solution to keep the industry thriving. This financing from CIBC Innovation Banking will be key in our continued research and development strategies, allowing us to address the pain points felt across the board.”
Tom Dods, director at CIBC Innovation Banking said: “At the heart of the work Artlogic does is an appreciation for the art, and the team’s extensive experiences reflects this. Having a team that understands the nuances of an industry through first-hand experience and providing a highly effective software solution to combat these challenges is what makes Artlogic unique. We’re excited to support Artlogic as they continue to grow and be the number one solution for those in the art industry globally.”
