Horizon Tech Leads IntegenX $10MM Venture Loan
Horizon Technology Finance announced it led a $10 million venture loan for IntegenX. The venture loan was fully funded at closing, with Horizon, Square 1 Bank and a third lender funding their commitments of $3.75 million, $2.5 million, and $3.75 million, respectively. IntegenX will use the funds primarily for working capital purposes.
“We are pleased to lead a $10 million venture loan for IntegenX, an exciting company at the forefront of using technology to improve the ease and speed of DNA testing while reducing its cost,” stated Gerald A. Michaud, president of Horizon. “IntegenX’s focus on forensics applications that have high growth potential, its impressive customer traction and its strong position in international markets, makes IntegenX another compelling company in our high quality investment portfolio.”
David V. Smith, chief operating officer of IntegenX, stated, “The loan led by Horizon significantly increases our financial flexibility and positions us to build off of our domestic and international market momentum to ramp sales of our RapidHIT System. Horizon proved why it has a leading industry reputation as a venture lender through its ability to provide IntegenX with a tailored solution to meet its funding needs.”
Pleasanton, CA-based IntegenX technology platforms integrate advanced fluidics, optics and biochemistry capabilities to produce sample-to-answer products for DNA-based human identity testing for forensics and law enforcement applications.