Divergent Technologies closes $60 million loan facility via Horizon

By Marisa Wong

Los Angeles, July 7 – Divergent Technologies Inc. announced it closed a new $60 million venture loan facility led by Horizon Technology Finance Corp. and a new $20 million revolving line of credit provided by Bridge Bank, a division of Western Alliance Bank, according to a press release.

Horizon funded $15 million of the initial draw from the venture loan facility, and a private investment vehicle managed by Horizon Technology Finance Management LLC, Horizon’s adviser, funded $5 million. The up to $40 million of additional funding will be available to Divergent upon meeting certain milestones.

Divergent will use the Bridge Bank credit line for growth and working capital purposes.

BayCross Capital Group acted as placement agent on the debt.

Torrance, Calif.-based Divergent develops an end-to-end digital production system for industrial-scale manufacturing, with a focus on the automotive industry.

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