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Avidbank Corporate Finance Provides $10MM Credit Line to Panasas

July 17, 2014, 07:48 AM
Filed Under: Technology

Avidbank Corporate Finance, a division of Avidbank that specializes in technology and asset-based funding, has provided Panasas, Inc. a $10 million working capital line of credit.

Panasas, Inc., located in Sunnyvale, CA, is the premier provider of hybrid scale-out storage solutions for big data workloads. Panasas systems are optimized to deliver high performance, reliability and easy management for highly demanding big data workloads in design and discovery including bioscience, energy, finance, government, media, manufacturing, and other core research and development sectors.

“We are very excited to be the financial partner for Panasas,” stated Avidbank Corporate Finance, Head of Business Development, Jeffrey Javier. “We are very impressed with the management team and the company’s investors. We look forward to a strong and mutually beneficial relationship.”

Stephanie Vinella, Chief Financial Officer of Panasas, commented, “We are excited to partner with Avidbank as we execute on the growth opportunities in scale-out storage. They understood our business plans and provided us with a very tailored and flexible credit solution.”

Panasas ActiveStor® hybrid scale-out NAS appliances drive enterprise and research innovation by accelerating workflows and simplifying data management.

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