Toronto-based engineering firm Pliteq Inc was able to secure USD 1 million in financing from TD Commercial Banking. The proceeds would allow Pliteq to meet the rapidly growing demand for its products.

The latest round of financing would add to the USD 2.25 million capital injection that Pliteq received from an existing private investor and from royalty financing firm Grenville Strategic Royalty Corp. Pliteq Chief Executive Officer Paul Downey said the proceeds would allow the company to reduce costs. It would also position the company for international growth. He added, "The support of a significant senior lender like TD allows us to continue scaling up our operations with the knowledge that we have a financing partner with whom we can continue to grow." Greensky Capital advised Pliteq in both deals.

With the use of recycled materials, Pliteq provides solutions to structural, vibration and sound control issues to the multi-residential and commercial construction industry. Most of its products employ elastomer technology and are made of up to 95% recycled rubber.