Avalanche Technology, a developer of digital memory devices in Fremont, California has received a $12.5 million loan from Horizon Technology Finance Corporation 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.
The funding is expected to support Avalanche Technology’s 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.
Avalanche was founded in 2006. In January 2012, Avalanche secured its second round of equity funding, led by Vulcan Capital with current investors including Sequoia Capital, Bessemer Venture Partners, Thomvest Ventures, Qualcomm Ventures, and Leader Ventures.
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.
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Photo: borman818/Flickr
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