Global semiconductor technology and equipment firm, Revasum, Inc. (ASX: RVS) has secured a growth capital facility from SQN Venture Partners, LLC.
The facility will provide up to US$8 million in debt financing to accelerate new product development and provide working capital to support rapid growth. The funds are available in two tranches:
A portion of Tranche 1 funds will be allocated to support new product development. The company is currently developing the next generation of its already market leading silicon carbide (SiC) polisher, scheduled for release in Q1 of CY2023.
The next generation SiC polisher has been designed in line with feedback from strategic 6EZ partners on their needs over the coming years as they exponentially grow their production facilities for SiC wafer processing and will include a multi‐chamber brush cleaning module alongside other features to support its customers as they move to high‐volume production.
President and CEO, Rebecca Shooter‐Dodd, said the remainder of the funds will be used for general working capital needs as the company builds inventory and expands its manufacturing capacity to support increased customer demand.
Revasum is one of the leading specialist providers of SiC wafer processing technology and is well positioned to benefit from the exponential growth occurring in the semiconductor industry globally and the secular trend of electrification of vehicles. We are experiencing growing demand for our current products and are working with several strategic partners to further advance the capabilities of our silicon carbide tools,” she said.
“To deliver on the opportunities we see for the business and support our goal of increasing shareholder value, it’s important that we have the right capital structure in place to support the growth strategy we’re executing on.
“The secured loan put in place with SQN Venture Partners completes our current capital structure and ensures we’re well funded as the business grows. SQN Venture Partners has a strong track record investing in technology companies transforming the way we live, and we look forward to building a close relationship with them.”