{"id":10222,"date":"2012-07-03T10:33:13","date_gmt":"2012-07-03T14:33:13","guid":{"rendered":"http:\/\/sciencebusiness.technewslit.com\/?p=10222"},"modified":"2012-07-03T10:33:13","modified_gmt":"2012-07-03T14:33:13","slug":"memory-device-maker-secures-12-5-million-venture-loan","status":"publish","type":"post","link":"https:\/\/technewslit.com\/sciencebusiness\/?p=10222","title":{"rendered":"Memory Device Maker Secures $12.5 Million Venture Loan"},"content":{"rendered":"

\"Loose<\/a>Avalanche Technology, a developer of digital memory devices in Fremont, California has received a $12.5 million loan from Horizon Technology Finance Corporation<\/a> in Farmington, Connecticut. Horizon Technology Finance calls the deal a venture loan, since the debt is secured by earlier venture capital and private equity financing.<\/p>\n

The funding is expected to support Avalanche Technology’s<\/a> continued product development. The company develops what it calls spin programmable memory, a type of non-volatile, low power, high speed magnetic memory. Avalanche says the technology can be scaled down to less than one-fifth the size of current memory devices. The company licenses its technology for telecommunication, networking, storage, computing and handheld applications.<\/p>\n

Avalanche was founded in 2006. In January 2012, Avalanche secured its second round of equity funding<\/a>, led by Vulcan Capital with current investors including Sequoia Capital, Bessemer Venture Partners, Thomvest Ventures, Qualcomm Ventures, and Leader Ventures.<\/p>\n

Horizon Technology Finance makes secured venture loans to development-stage companies backed by established venture capital and private equity firms. The company specializes in funding for companies in the technology, life science, health care information and services, and clean-tech industries.<\/p>\n

Read more:<\/p>\n