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Square 1 Bank Announces Credit Facility to Upthere, Inc.

SAN FRANCISCO, Dec. 9, 2015 (GLOBE NEWSWIRE) -- Square 1 Bank, a division of Pacific Western Bank, today announced that it has provided a credit facility to existing client, Upthere, Inc., a disruptive cloud company. Proceeds from the facility may be used to support company operations or future growth.

Headquartered in Palo Alto, CA, Upthere has built a new cloud computer on a new, full-stack platform that connects devices directly to the cloud, where consumers can store, manage and share all digital media—from documents to pictures to videos. Upthere's team has created products for technology giants including Apple, Google, Oracle and VMware.

Ron Kundich, co-founder and managing director in Square 1 Bank's technology banking practice, said, "Upthere's renowned founding team has handpicked a dynamic group of leaders in the technology industry with significant experience in driving innovation. Their complete hardware and software stack for both consumers and developers, which connects all devices directly to the cloud, will have a considerable impact on how consumers manage their digital lives. We look forward to continuing in our role as their strategic banking partner for many years to come."

About Upthere

Upthere's mission is to care for humankind's information. Upthere's personal storage platform makes the cloud the home for your digital things: the primary place to keep, manage, organize, and share your photos, videos, music, and documents. It's one unified place for your things that's accessible from anywhere, grows as your digital library expands, and connects your things to friends and family in an intuitive way. Upthere products are available on iPhone, Android Phone, and Mac. The company currently has funding from Kleiner Perkins Caufield & Byers, Elevation Partners, Floodgate, Google Ventures, NTT DOCOMO Ventures, and Western Digital. Upthere is headquartered in Palo Alto, California. For more information, visit https://www.upthere.com/.

About Square 1 Bank

Square 1 Bank, a division of Pacific Western Bank, is a full-service financial services partner to entrepreneurs and their investors. Founded in 2005 by a group of seasoned venture bankers, Square 1 provides clients flexible resources and attentive service to help their companies grow. Square 1 offers a broad range of venture debt, treasury and cash management solutions through offices in top innovation centers: Austin, the Bay Area, Boston, Chicago, Denver, Durham, Los Angeles, Minneapolis, New York, San Diego, Seattle and Washington, DC. For more information, visit www.square1bank.com.

CONTACT: Media Contact: Square 1 Bank, a division of Pacific Western Bank Dee McDougal 919.597.7479 dmcdougal@square1bank.com

Source: Square 1 Bank, A Division ofPacific Western Bank

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