SAN FRANCISCO, July 30, 2014 (GLOBE NEWSWIRE) -- Square 1 Bank, the premier banking partner to entrepreneurs and the venture capital community, today announced that it has provided a $2 million debt facility to new client Novasentis, a leading developer of haptic actuators and sensory technology. Proceeds of the credit facility will support the company's continued growth and operations while it further develops its Electro-Mechanical Polymer (EMP) technology platform.
Novasentis is backed by several prominent institutional investors and the company has set new standards for the world of consumer electronics and medical devices by revolutionizing man-machine interactions through the electricity of touch and the resulting vibro-tactile feedback. The company develops a unique actuator and sensor technology that can be used to animate devices in various industries with localized haptic feedback, sound, and physical surface deformation. The technology is paper-thin, flexible, and is complementary to many new flexible display technologies.
"As an industry as a whole, we are seeing trends that lead to the Neo-Sensory™ Age, where computers and devices come alive with haptics and sensory technologies. We are pleased to announce a partnership with Square 1 Bank, and are confident that this partnership will enable us to take the company and its products to a new level," said Christophe Ramstein, President and CEO of Novasentis.
"We are very excited to partner with Novasentis," said Ron Kundich, Senior Vice President with Square 1 Bank's Silicon Valley technology group. "As a leader in the haptics and sensory feedback space, we look forward to supporting Christophe and his top-tier management team as they continue to innovate mobile and wearable products for years to come."
About Square 1 Bank
Square 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. Square 1 has offices coast-to-coast in Austin, the Bay Area, Boston, Denver, Durham, Los Angeles/Orange County, New York, San Diego, Seattle, Silicon Valley and Washington, DC. For more information, visit www.square1bank.com.
Novasentis manufactures the world's thinnest and most flexible electro-mechanical polymer (EMP) haptic actuator and sensor technology today, used to develop mobile and wearable products that come alive with movement and sound. By bridging consumer electronics and sensory interaction, Novasentis enables 4D spatial tactile experiences and next-generation mobile product designs. Founded in 2006, Novasentis is privately held. The company is based in Burlingame, Calif. with offices in Pennsylvania, Korea, and Tokyo. More information on Novasentis is online at www.novasentis.com.
CONTACT: Media Contact: Square 1 Bank Dee McDougal 919.597.7479 firstname.lastname@example.org
Source: Square 1 Bank