Kovio Receives $5M Debt Facility from Square 1 Bank
Kovio, Inc., a San Jose-based company that designs, develops, and manufactures printed silicon products for Near Field Communication (NFC) and Electronic Article Surveillance (EAS) markets, has received a $5m debt facility from Square 1 Bank.
The company intends to use the proceeds to expand operations.
Led by Amir Mashkoori, CEO, Kovio has developed a printed silicon manufacturing platform, which enables scalable item-level Near Field Communication (NFC) technology for branded product and retail markets. Its Electronic Article Surveillance (EAS) product, in particular, is designed to improve the retail experience for shoppers while enhancing loss prevention for retailers. In the near future, the company is expected to release NFC BarcodeTM products, which enable real-time, customizable interaction between consumers, brands, and retailers.
Investors in Kovio include Kleiner Perkins Caufield & Byers, DAG Ventures, and Tyco, among others (read here).