Wells Fargo & Company (NYSE:WFC) has provided undisclosed credit lines to two Silicon Valley high-tech companies.In details, the bank provided financing to:
– Nexxo Financial, a San Bruno, CA-based money remittance company that provides its customers with a means of sending money to Latin America and Mexico via ATM-style, self-serve kiosks located primarily in Hispanic grocers, “farmacias,” and convenience stores throughout California, Texas, and several other states. The funds will be used to fund the company’s fluctuating working capital needs.
– Enovix Corp., formally known as microAzure Corp., a Fremont, Calif.-based battery cell company that makes Silicon Lithium-ion batteries with up to 100% percent more energy in the same volume than traditional Lithium-Polymer batteries.
The company – which is venture-backed by DCM, Sofinnova Ventures, and Trinity Ventures – will use the financing for general corporate purposes, including growth.
The proceeds were provided through the Growth Technology and Life Sciences Group, which focuses on high-growth startups funded by venture capital.The Group, based in the heart of Silicon Valley, was launched in February 2009 to serve a broad range of financial services for technology, clean technology, software, mobile, life sciences, and venture capital companies nationwide.
FinSMEs
21/05/2010