Square 1 Announces $5MM Credit Facility for Kovio
Square 1 Bank announced it provided a $5 million debt facility to new client, Kovio, whose investors include Kleiner Perkins Caufield & Byers, DAG Ventures, and Tyco, among others. Proceeds of the credit facility will be used to support the company’s growth.
“We are excited to support Kovio. We believe the company is well positioned to take advantage of a large and growing market opportunity by solving economic and technological challenges to bring item-level intelligence to reality,” said Andy Weyer, vice president of Square 1 Bank.
“We have truly been impressed with the level of professionalism and service that we have received from the Square 1 team,” said Amir Mashkoori, CEO of Kovio. “We transitioned our financial services to Square 1 Bank because of their excellent reputation as a bank that values strong client relationships and understands the venture debt and banking needs of emerging growth companies.”
San Jose, CA-based Kovio is a privately held Silicon Valley company with origins in the world renowned MIT Media Lab, designs, develops and manufactures printed silicon products for Near Field Communication (NFC) and Electronic Article Surveillance (EAS) markets, including Radio Frequency Identification (RFID) tags and NFC Barcodes.