A Medical Device Daily
Guava Technologies (Hayward, California), a developer of cell analysis systems for life science research, drug discovery and clinical diagnostics, reported completing a $5.5 million secured debt financing from Hercules Technology Growth Capital.
Guava said it would use $4 million of this financing to retire previous debt.
The company also said that it has agreed with Hercules to obtain another secured, one-year credit line of $4.5 million, subject to borrowing base calculations and other conditions.
Larry Bruder, Guava's CEO, said that Hercules' expertise in providing debt and equity growth capital “has been invaluable in putting together this agreement. With the financing and line of credit, we will have access to an additional $6 million that we can use to manage our working capital need.“ He called this “particularly important as we continue to accelerate revenue growth through new product development programs, such as our new EasyCyte Mini and the Guava Express reagent line, and the expansion of our worldwide commercial operations.“
Living Independently Group (LIG; New York), a behavioral monitoring company dedicated to helping seniors and other at-risk individuals live with greater safety, reported completing a $10.1 million Series B equity funding led by Valence Capital Management. The new funding brings the total company investment, to date, to $22 million.
LIG said the financing enables it to expand its national sales force and increase marketing to support its lead product, QuietCare, enhance its product line and build a presence in the UK.
The company said that QuietCare is the first unintrusive early detection and early warning system that provides caregivers with 24/7 information and alerts about the safety and well-being of elderly or other at-risk individuals. The system uses wireless sensors positioned throughout a person's residence, learning his/her normal pattern of daily living. If the sensors detect movements diverting from normal, the system alerts designated caregivers by phone, e-mail or beeper and displays the situation on a password-protected web site.
With the financing, James Caccavo, managing partner of Valence, will join the company's board.