Horizon Know-how Finance Corp. has supplied a enterprise mortgage of as much as $60 million to a Los Angeles-based firm that has developed an end-to-end digital manufacturing system for automotive manufacturing.
Divergent Applied sciences Inc. introduced Thursday that it had closed on the mortgage from Horizon, together with a $20 million revolving line of credit score supplied by Bridge Financial institution.
Divergent has developed a system that aids in automotive design, 3D printing and assembling advanced car constructions. The platform, referred to as Divergent Adaptive Manufacturing System, reduces growth and manufacturing timelines, the corporate stated.
Kevin Czinger, founder and CEO of Divergent, stated the corporate will develop from its deal with automotive manufacturing to the aerospace and protection industries.
Horizon Know-how is a Farmington-based specialty finance firm that gives capital to venture-backed firms within the know-how, life science, healthcare info and providers, and sustainability industries.
Horizon funded $15 million of the preliminary draw, and a personal funding car managed by Horizon Know-how Finance Administration LLC, Horizon’s adviser, funded $5 million. The enterprise mortgage facility supplies as much as an extra $40 million of funding to Divergent upon assembly sure milestones.
Gerald A. Michaud, president of Horizon, stated that Divergent has greater than 500 patent filings.
https://www.hartfordbusiness.com/article/horizon-technology-funds-la-company-that-produces-digital-automotive-manufacturing-systems
