Horizon Technology Finance Corporation, a specialty finance company that provides secured loans to venture capital and private equity backed development-stage companies in the technology, life sciences, healthcare information and services, and clean-tech industries, announced that it has closed a $12.5 million venture loan facility with Avalanche Technology, Inc., a developer of next-generation storage class memory products utilizing its proprietary Spin Programmable Memory (SPMEM) technology. The proceeds will support the company’s continued development efforts.
“Avalanche represents a strong addition to our high-quality venture loan portfolio,” said Gerald A. Michaud, president of Horizon. “We believe, based on its innovative technology, customer traction and market leadership, the company is poised to revolutionize the memory industry. We look forward to working with Avalanche’s management team and providing the company with important growth capital as Avalanche further develops its memory storage solutions.”
Petro Estakhri, CEO and founder of Avalanche, said, “We are very pleased to partner with Horizon on this venture loan commitment. Horizon came highly regarded to us, and this significant debt financing allows us to finance the development of our products at a very key time. We appreciate both the support shown by Horizon, a leading venture lender, at this stage of our development, and the ability of Horizon to deliver a flexible financing solution as we continue to make considerable progress towards the commercial production of our SPMEM products.”