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Horizon Technology Finance Leads $8MM Venture Loan to AccuVein

February 06, 2014, 07:19 AM
Filed Under: Medical

Horizon Technology Finance Corporation announced it led an $8 million venture loan for AccuVein, Inc. ("AccuVein"), a developer of vein illumination technology. The venture loan was fully funded at closing, with Horizon funding its commitment of $4 million. AccuVein will use the funds primarily for working capital purposes.

"AccuVein's vein illumination device provides a more effective venipuncture procedure that enhances patient care and creates greater efficiencies in healthcare delivery," stated Gerald A. Michaud, President of Horizon. "We are pleased to provide AccuVein this venture loan as the company ramps global sales of its proprietary medical imaging technology."

"We welcome Horizon as our new value-added financing partner," stated Daniel Delaney, AccuVein COO. "This important growth capital will allow us to continue to drive AccuVein vein illumination as the standard of care in healthcare settings worldwide as we continue to address an $8 billion market opportunity."

Horizon Technology Finance Corporation is a business development company that provides secured loans to development-stage companies backed by established venture capital and private equity firms within the technology, life science, healthcare information and services, and clean-tech industries. The investment objective of Horizon is to maximize total risk-adjusted returns by generating current income from a portfolio of directly originated secured loans as well as capital appreciation from warrants to purchase the equity of portfolio companies.

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