Raydiance gets $6 million infusion
Published: Tuesday, February 5, 2013 at 2:17 p.m.
Last Modified: Tuesday, February 5, 2013 at 2:17 p.m.
Fast-growing Petaluma laser developer Raydiance has landed a $6 million loan from a Connecticut venture lender, the company said Tuesday.
The money from Horizon Technology Finance Corp. will help Raydiance boost production.
“Horizon's flexible structure and efficient loan process, combined with its in-depth knowledge of our business are an ideal fit for Raydiance,” William R. Beyer, Raydiance's chief operating officer and chief financial officer, said in a statement. “We will utilize this growth capital to ramp production and meet the strong demand for our precision manufacturing solutions.”
In August, Raydiance received a $20 million investment from Samsung Venture Investment Corp., also to increase production.
“We are delighted to provide $6 million in venture debt financing to this innovative technology manufacturing company, which meets our strict investment criteria,” said Gerald A. Michaud, president of Horizon.
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