Square 1 Bank Announces $5 Million Credit Facility to Kovio


Posted on January 3, 2013 @ 10:47 am



Square 1 Bank is providing a $5 million debt facility to new, San Jose, CA-based client, Kovio, Inc., whose investors include Kleiner Perkins Caufield & Byers, DAG Ventures and Tyco, among others. Proceeds of the credit facility will be used to support the company’s growth.

Kovio’s innovative high-performance printed silicon manufacturing platform enables scalable item-level Near Field Communication (NFC) technology for branded product and retail markets. Kovio’s recently released Electronic Article Surveillance (EAS) product improves the retail experience for shoppers while enhancing loss prevention for retailers. Its soon to be released NFC Barcode products enable real-time, customizable interaction between consumers, brands and retailers.

“We are excited to support Kovio. We believe the company is well positioned to take advantage of a large and growing market opportunity by solving economic and technological challenges to bring item-level intelligence to reality,” said Andy Weyer, vice president of Square 1 Bank.

"We have truly been impressed with the level of professionalism and service that we have received from the Square 1 team,” said Amir Mashkoori, CEO of Kovio. “We transitioned our financial services to Square 1 Bank because of their excellent reputation as a bank that values strong client relationships and understands the venture debt and banking needs of emerging growth companies.”

“With an experienced management team at the helm and a group of prominent investors standing behind them, we believe that Kovio is poised for success and will revolutionize the shopping experience,” said Sam Bhaumik, executive vice president in Square 1's Silicon Valley office. “We are proud to include Kovio as a member of the Square 1 Bank family.”

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