Horizon Technology Finance and Bridge Bank Provide $80MM to Divergent Technologies

Divergent Technologies, a enterprise that developed a digital production system for industrial-scale manufacturing, closed a new $60 million venture financial loan facility led by Horizon Technologies Finance and a new $20 million revolving line of credit rating provided by Bridge Financial institution, a division of Western Alliance Financial institution. The new services observe Divergent’s $160 million Collection C funding earlier this 12 months.

Horizon Know-how Finance, a specialty finance organization that supplies capital in the variety of secured financial loans to venture funds-backed companies in the know-how, lifetime science, healthcare information and facts and products and services and sustainability industries, funded $15 million of the original attract from the enterprise personal loan facility, and a private financial commitment car or truck managed by Horizon Technology Finance Management, Horizon Technological know-how Finance’s adviser, funded $5 million. The venture bank loan facility supplies up to an extra $40 million of funding to Divergent on assembly particular milestones.

Bridge Bank, whose know-how banking group offers funding alternatives to enterprise capital-backed know-how corporations, set up a $20 million line of credit history with Divergent, which will use the cash for development and doing the job funds functions.

Divergent is constructing a world wide production infrastructure platform for the subsequent technology industrial economy, with a current aim on the automotive market. Its Divergent Adaptive Manufacturing Program (DAPS) simultaneously aids in automating design and style, 3-D printing and assembling sophisticated auto structures.

“We are pleased to obtain help from Horizon and Bridge Lender as we continue to revolutionize complex industrial production, originally with automobiles and in excess of time with aerospace and protection,” Kevin Czinger, direct inventor, founder and CEO of Divergent Systems, explained. “DAPS makes it possible for the 1st time for makers to forego the capital-intense static design and style technique they have been accustomed to for above a century and use a variable cost versatile style and design method that is noticeably more productive. Through this included effectiveness, DAPS radically minimizes the impression of production on the atmosphere, thereby creating a meaningful contribution to world-wide sustainability.”

“Divergent is altering the activity for manufacturing automobiles, with their DAPS conclusion-to-finish system furnishing suppliers with unmatched charge personal savings and flexibility,” Gerald A. Michaud, president of Horizon Technological innovation Finance, said. “With about 500 patent filings, DAPS is a reducing-edge solution that enables Divergent prospects to generate new product products a lot far more rapidly and efficiently. We are enthusiastic to guidance Divergent’s growth and growth.”

“Divergent is radically transforming automobile production economics and environmental affect, and it is enjoyable to see Divergent produce a resolution that addresses technique stage challenges,” Mike Lederman, senior controlling director of the know-how banking team at Bridge Bank, explained. “Divergent is rethinking the production method for the automobile business and we are pleased to assist assistance the company’s evolution.”