August 12, 2022

Divergent Applied sciences, a producing expertise firm based mostly in Torrance, lately closed a $60 million venture-loan facility and a $20 million revolving line of credit score — services that come about three months after the corporate raised $160 million in Sequence C funding.

The $60 million enterprise mortgage was led by Horizon Know-how Finance Corp. Bridge Financial institution, a division of Western Alliance Financial institution, offered the $20 million revolving line of credit score to Divergent.

Czinger

“We’re happy to obtain help from Horizon and Bridge Financial institution as we proceed to revolutionize advanced industrial manufacturing, initially with cars and over time with aerospace and protection,” Kevin Czinger, lead inventor, founder and chief government of Divergent, mentioned in an announcement. Czinger can also be the founder and chief government of Czinger Autos, a hypercar producer.

Horizon, based mostly in Connecticut, funded $15 million of the preliminary draw from the enterprise mortgage facility, whereas a personal funding car managed by Horizon Know-how Finance Administration funded $5 million. Beneath the phrases of the settlement, the mortgage facility will present as much as a further $40 million of funding to Divergent if sure milestones are met.

Horizon gives capital to enterprise capital-backed corporations by secured loans. Its portfolio revolves across the life science, expertise, well being care and sustainability industries.
Divergent will use the road of credit score obtained from Bridge Financial institution for progress and as working capital.

The corporate has primarily attracted buyers and companions with its Divergent Adaptive Manufacturing System (DAPS), which automates design processes and makes use of 3-D printing to assemble advanced car items. It was most notably used within the development of Czinger Autos’ 21C, a tandem-seat hypercar, which begins at $2 million. Divergent has touted the system’s cost-effectiveness and environmental friendliness in comparison with static manufacturing techniques.

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“With over 500 patent filings, DAPS is a cutting-edge method that allows Divergent clients to create new product fashions far more rapidly and effectively. We’re excited to help Divergent’s progress and growth,” Gerald A. Michaud, president of Horizon, mentioned in an announcement.

Mike Lederman, senior managing director in Bridge’s expertise banking group, added that his firm is worked up to see the Divergent’s tech deal with system-level challenges.