|[January 02, 2013]
Square 1 Bank Announces $5 Million Credit Facility to Kovio, Inc.
MENLO PARK, Calif. --(Business Wire)--
1 Bank, the premier banking partner to entrepreneurs and the venture
capital community, is pleased to provide a $5 million debt facility to
new, San Jose-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 BarcodeTM products
enable real-time, customizable interaction between consumers, brands,
"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 chalenges to bring item-level
intelligence to reality," said Andy Weyer, vice president of Square 1
"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."
Sam Bhaumik, executive vice president in Square 1's Silicon Valley
office, added "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. We
are proud to include Kovio as a member of the Square 1 Bank family."
About Square 1 Bank
1 Bank is a full service commercial bank dedicated exclusively to
serving the financial needs of the venture capital community and
entrepreneurs in all stages of growth and expansion. Square 1's
expertise, focus and strong capital base provide flexible resources and
unmatched support to meet our clients' needs. The bank offers tailored
products and solutions aided by the latest in technological innovations.
Square 1 has offices coast to coast in Austin, Boston, Denver, Durham,
Los Angeles, New York, San Diego, Seattle, Silicon Valley and
Washington, DC. For more information, visit www.square1bank.com.
About Kovio, Inc.
Kovio, Inc., a privately held Silicon Valley company with origins in the
world renowned MIT (News - Alert) Media Lab, designs, develops, and manufactures
printed silicon products for Near Field Communication (NFC) and
Electronic Article Surveillance (EAS) markets, including Radio Frequency
Identification (RFID) tags and NFC Barcodes. By combining the power and
functionality of high-performance silicon inks and low-cost graphics
printing technology, Kovio enables its customers and partners to deploy
innovative products and solutions in the areas of mobile marketing and
advertising, brand authentication, retail operations, and ticketing. For
more information about Kovio, visit http://www.kovio.com.
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