LOS ANGELES, July 7, 2022 /PRNewswire/ — Divergent Systems Inc. (“Divergent”), the corporation that has created the world’s initially end-to-conclude electronic manufacturing process to revolutionize industrial-scale producing, declared nowadays that it has shut a new $60 million undertaking bank loan facility led by Horizon Technological know-how Finance Company (NASDAQ: HRZN) (“Horizon”), and a new $20 million revolving line of credit furnished by Bridge Financial institution, a division of Western Alliance Financial institution (NYSE: WAL) (“Bridge Bank”). The new services follow Divergent’s successful $160 million Series C funding previously this calendar year.

Beneath the conditions of the enterprise financial loan arrangement, Horizon, a foremost specialty finance firm that provides money in the sort of secured financial loans to venture money backed businesses in the engineering, life science, health care information and solutions, and sustainability industries, funded $15 million of the initial attract from the enterprise bank loan facility, and a personal investment automobile managed by Horizon Technological know-how Finance Management LLC, Horizon’s adviser, funded $5 million. The undertaking personal loan facility offers up to an more $40 million of funding to Divergent on meeting sure milestones.

Below the conditions of the line of credit rating, Bridge Bank, whose Engineering Banking Team offers financing solutions to enterprise money backed technological innovation corporations at all phases of their existence cycle, recognized a $20 million line of credit history with Divergent who will use the resources for advancement and operating capital uses.

Divergent is developing a world wide producing infrastructure platform for the next era industrial economy, with a current concentration on the automotive field. Its full-stack, state-of-the-artwork Divergent Adaptive Production Process (“DAPS”) simultaneously aids in automating style and design, additive production (3-D printing) and assembling intricate car or truck buildings.  As a end result, the DAPS platform considerably minimizes development and output timelines, and Divergent has recognized a globe-course pipeline of OEM buyers.

“We are delighted to acquire support from Horizon and Bridge Lender as we go on to revolutionize elaborate industrial production, to begin with with automobiles and over time with aerospace and protection,” mentioned Kevin Czinger, guide inventor, founder and Main Executive Officer of Divergent. “DAPS will make it possible for the 1st time for suppliers to forego the capital-intensive static design and style method they have been accustomed to for in excess of a century, and benefit from a variable charge versatile layout process that is drastically more successful.  Through this extra effectiveness, DAPS radically reduces the effects of production on the setting, thereby generating a meaningful contribution to worldwide sustainability.”

“Divergent is switching the video game for producing automobiles, with their DAPS conclude-to-conclusion system furnishing brands with unmatched cost financial savings and adaptability,” reported Gerald A. Michaud, President of Horizon. “With more than 500 patent filings, DAPS is a slicing-edge strategy that enables Divergent consumers to create new product or service types much far more immediately and effectively. We are excited to assist Divergent’s expansion and enlargement.”

“Divergent is radically transforming car producing economics and environmental effects, and it is interesting to see Divergent provide a resolution that addresses process stage issues,” said Mike Lederman, Senior Running Director in Bridge Bank’s Technologies Banking Group. “Divergent is rethinking the producing method for the vehicle field and we are pleased to support guidance the company’s evolution.”

BayCross Money Team acted as the placement agent on the financial debt (the securities portion of which was executed by means of StillPoint Funds, LLC Member FINRA/SIPC).

About Divergent

Divergent harnesses additive producing to unleash innovation in automotive production. Their breakthrough know-how system transforms the economics and environmental affect of developing and manufacturing complicated constructions these types of as cars and trucks. Divergent’s earth-saving production strategy can be applied for quantity manufacturing with no high priced, traditional tooling and cash expenditures, enabling suppliers to promptly iterate and invent new auto types for aggressive advantage. For additional info, remember to visit www.divergent3d.com.

About Horizon Technological innovation Finance

Horizon Know-how Finance Corporation (NASDAQ: HRZN) is a leading specialty finance enterprise that provides cash in the form of secured loans to undertaking funds backed businesses in the know-how, lifetime science, health care details and products and services, and sustainability industries. The expenditure goal of HRZN is to maximize its expense portfolio’s return by generating current income from the debt investments it tends to make and money appreciation from the warrants it receives when building such personal debt investments. Horizon Technologies Finance Management LLC is headquartered in Farmington, Connecticut, with a regional business office in Pleasanton, California, and investment pros positioned in Portland, Maine, Austin, Texas, and Reston, Virginia. To learn much more, be sure to take a look at horizontechfinance.com.  

About Bridge Bank

Bridge Bank, a division of Western Alliance Lender, Member FDIC, helps small business consumers comprehend their ambitions. Founded in 2001 in Silicon Valley, Bridge Financial institution presents a improved way to financial institution for little to mid-market place firms across lots of industries, as properly as rising technological innovation providers and the private fairness neighborhood. Geared to serving equally undertaking-backed and non-venture-backed corporations, Bridge Lender delivers a broad scope of economic answers, like startup banking, money, devices and operating money credit score services, venture financial debt, treasury administration, asset-dependent lending, SBA and business authentic estate loans and a complete line of intercontinental items and expert services. Primarily based in San Jose, Bridge Financial institution has 15 places of work in key marketplaces across the country, together with Western Alliance Bank’s impressive array of specialized economical products and services. Western Alliance Financial institution is the main subsidiary of Phoenix-dependent Western Alliance Bancorporation, with a lot more than $60 billion in belongings. Western Alliance is #2 ideal-accomplishing of the 50 largest public U.S. banking companies in the S&P World Market place Intelligence listing for 2021 and ranks substantial 12 months following year on the Forbes listing of “America’s Very best Financial institutions.” For far more information and facts, check out Bridge Bank on-line.


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Source Horizon Technology Finance Company