ATLANTA, Nov. 30, 2020 /PRNewswire/ -- ControlRad, Inc., a privately held medical technology company focused on dramatically reducing unnecessary radiation exposure during fluoroscopically guided procedures, announced today that it has entered into a loan and security agreement with Silicon Valley Bank providing access to up to $4 million of capital to the Company. The credit facility will be available for general working capital purposes.
"We are excited about our new partnership with Silicon Valley Bank, a premier life science lender," said Guillaume Bailliard, Chief Executive Officer of ControlRad. "This loan facility further strengthens our balance sheet and provides us with additional liquidity to support the commercialization of the company's technology." ControlRad closed a $12.2M Series C financing in September of 2020 led by Questa Capital and included new investor Windham Venture Partners.
"ControlRad is developing innovative products that can play an integral role in reducing radiation exposure for both patients and healthcare professionals alike," said Scott McCarty, Director of Life Science and Healthcare at Silicon Valley Bank. "We're pleased to expand our relationship with the ControlRad team and have the opportunity to support the company's next phase of growth."
About Silicon Valley Bank
For more than 35 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.
ControlRad is a privately held medical technology company developing innovative products that dramatically reduce the radiation exposure from fluoroscopically guided procedures (FGP) for patients and healthcare professionals. ControlRad's products are designed to improve safety without compromising image quality or workflow. They include an integrated set of proprietary components, which optimize the X-ray beam to deliver optimal image quality in the clinically relevant region while maintaining appropriate resolution in the periphery. ControlRad is headquartered in Atlanta, Georgia and has engineering development facilities in Kfar Saba, Israel. For more information, visit www.controlrad.com.
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SOURCE ControlRad, Inc.