Ubicquia, a provider of smart city, connectivity and smart grid solutions, entered a $25 million debt and working capital facility with Silicon Valley Bank. Ubicquia will use the facility to accelerate growth, facilitate larger supply chain commitments and manage working capital requirements driven by increasing orders from OEM customers.
SVB increased the facility more than four-fold to help address Ubicquia’s working capital needs of its growing city, utility and mobile network operator customer base across the U.S. and Latin America. Ubicquia plans to broaden its scope worldwide, extending its offerings of smart city, connectivity and smart grid platforms to Europe and Asia.
“We have made significant investments over the years to build smart city, connectivity and smart grid platforms that can be deployed globally. SVB has been our working capital partner as we started our journey in the U.S. We are now strengthening our partnership as we expand further into Latin America and explore new distribution across Europe and Asia. The team at SVB took the time to truly understand the value of our business and platforms to address our working capital needs today and in the future,” Ian Aaron, CEO of Ubicquia, said.
With current supply chain constraints impacting production internationally, the agreement will aim to help Ubicquia meet increasing demand as it expands its growing product portfolio and give the company more flexibility in managing its operations.
“We are pleased to work with Ubicquia as it develops and delivers products to strengthen grids and expand wireless access globally,” Dale Kirkland, managing director at SVB, said. “Ubicquia’s platforms are necessary tools in building smart, connected cities.”
