Picochip, a supplier of femtocell technology and silicon, has completed a USD9m debt facility with Silicon Valley Bank, the commercial banking division of SVB Financial Group.
The facility consists of a USD4m three-year term loan and a two-year USD5m working capital line of credit.
The combined facility will provide Picochip with access to additional working capital to support the company’s growth strategy.
“Picochip is constantly driving to develop and commercialise innovative approaches to mobile voice and data services, with femtocells deploying and LTE following. We believe this debt facility will serve as a solid foundation for our rapid growth, providing us with the financial flexibility needed in order to stay ahead of the curve,” says Nigel Toon, chief executive of Picochip. “We have had a strong relationship with Silicon Valley Bank since 2004; they understand our business and we are delighted with the confidence the team has demonstrated in our operations and product capabilities.”
Backed by Atlas, Highland, Intel, SEP, Pond and Rothschild, Picochip was the first company to launch a femtocell chip.
“Picochip is an exceptional business with a market leading position within the global femtocell market,” adds Phil Cox, head of UK, Europe and Israel for Silicon Valley Bank. “We are excited about strengthening our relationship with the team and are delighted that our deep industry knowledge and sector expertise compliment Picochip as it continues to execute against its ambitious business goals.”
