NexPlanar Corporation received a $5 million venture loan from Horizon Technology Finance Corporation. NexPlanar Corp. is a chemical and mechanical planarization pads developer, servicing semiconductor and other related manufacturers and firms.
The company said that the funding will be utilized as working capital.
Gerald A. Michaud, Horizon Technology Finance Corporation's President, said, "NexPlanar has experienced considerable growth by developing a proprietary technology that improves the quality of chips and the yield obtained by their customers."
"Our venture loan, combined with NexPlanar's recent equity financing, puts NexPlanar in a strong position to meet the demand from semiconductor manufacturers for its advanced products and continue to expand globally," he noted.
Horizon Tech Finance Corp. has been providing secured loans to development-stage firms supported by known venture capital firms. The company stated in a press release that the objective of the investment is to optimize total risk-adjusted returns through income generation from warrants to buy "originated secured loans."
The lender is headquartered in Walnut Creek, California and Reston, Virginia.
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