Square 1 Bank, a banking partner to entrepreneurs and the venture capital community, has provided a $7.5 million credit facility to new client NovaSom Inc, makers of the AccuSom home sleep testing device. Proceeds of the credit facility will provide working capital to support future growth.
John Spitznagel, NovaSom CEO, says this transaction marks the beginning of what should be a long and successful banking relationship. “The financial resources made available by Square 1 are vital to the continued success of NovaSom. After being vetted and approved through Square 1’s diligence process, management’s vision and plans to move into its next phase of development are validated. We are very proud to have such a fine institution behind us as we move into a stronger position in the sleep market,” Spitznagel says in a release.
Mara Huntington, managing director at Square 1 Bank, says, “With backing from a quality investor syndicate including Quaker Partners, TPG, and Safeguard Scientifics, NovaSom has forged a path in OSA home testing and established itself as a leader in the industry. We are excited to support the company’s future growth and commitment to convenient healthcare solutions and patient care.”