[caption id="attachment_68447" align="alignright" width="300"] Raydiance's Petaluma headquarters[/caption]
PETALUMA -- Raydiance, Inc., a startup developer of high-precision industrial lasers, today said it received a $6 million venture loan to fund growth.
The loan is from Horizon Technology Finance Corporation (Nasdaq: HRZN), a Connecticut-based funder of secured loans to venture capital- and private equity-backed technology, life science, health care information and services, and clean-tech startups.
"Horizon's flexible structure and efficient loan process, combined with its in-depth knowledge of our business are an ideal fit for Raydiance," said Chief Operating and Finance Officer William Beyer in a statement. "We will utilize this growth capital to ramp production and meet the strong demand for our precision manufacturing solutions."
Raydiance makes femtosecond laser-based, precision manufacturing solutions for the high-volume medical, automotive and consumer electronics markets. A femtosecond is one quadrillionth of one second.