Horizon Technology Finance announced that Horizon and Bridge Bank have provided a $10 million venture loan to Newport Media.
Under the terms of the venture loan, Horizon provided $7 million to Newport Media and Bridge Bank provided $3 million. Newport Media will use the funds to support its growth.
“We are impressed with Newport Media’s experienced leadership, quality investors, next-generation technology and strong growth potential,” said Gerald A. Michaud, president of Horizon. “We are pleased to provide venture financing to Newport Media as it brings its high-quality and cost-effective system-on-chip solutions to market.”
Horizon Technology Finance is a business development company that provides secured loans to development-stage companies.
Newport Media is a fabless semiconductor company that develops and sells highly integrated solutions for broadcast, wireless connectivity and cellular markets.
Bridge Bank is a full-service professional business bank that serves small- and middle-market and emerging technology businesses.