Trinity Capital Inc. Provides $15 Million in Growth Capital to Velentium

Rhea-AI Summary

Trinity Capital Inc. (NASDAQ: TRIN) has committed $15 million in growth capital to Velentium, a Houston-based professional engineering firm specializing in medical device design and manufacture. Velentium focuses on active implantable and wearable devices, offering expertise in systems engineering, software, cybersecurity, mobile/cloud solutions, and automated test systems.

Velentium recently moved into a new 50,000 square foot corporate headquarters in Houston, featuring class 7 cleanrooms and increased manufacturing capacity. The debt facility from Trinity will support Velentium's continued growth and expansion in the medical device industry.

Positive

• Trinity Capital Inc. provided $15 million in growth capital to Velentium
• Velentium expanded into a new 50,000 square foot headquarters with class 7 cleanrooms
• Increased manufacturing capacity to support growing contract manufacturing business

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• None.

PHOENIX, July 15, 2024 /PRNewswire/ -- Trinity Capital Inc. (NASDAQ: TRIN) ("Trinity"), a leading provider of diversified financial solutions to growth-oriented companies, today announced the commitment of $15 million in growth capital to Velentium, a professional engineering firm that specializes in the design and manufacture of innovative medical devices.

Based in Houston, Velentium designs, develops, manufactures, and provides post-market support for medical devices, particularly active implantable and wearable devices. With expertise in systems engineering, software, cybersecurity, mobile/cloud solutions, and automated test systems, Velentium collaborates with clients worldwide to create medical solutions that improve lives.

"Velentium brings unique capabilities to their medical device customers and is a trusted partner to help drive new product innovation," said Ryan Kaeding, Managing Director, Life Sciences at Trinity. "We believe in their team and are excited to help accelerate their growth as a one-stop shop for end-to-end medical device design, development, and contract manufacturing."

Velentium recently moved into their new corporate headquarters in Houston, which is over 50,000 square feet, has class 7 cleanrooms and provides a significant improvement in their manufacturing capacity to support their growing contract manufacturing business. The new debt facility from Trinity will facilitate Velentium's continued growth.

"We are thrilled to partner with Trinity as we continue to scale our business and make medical devices safer, more secure, and more user-friendly continuing our mission to Change Lives for a Better World through our customer partnerships." said Dan Purvis, CEO of Velentium.

About Trinity Capital Inc.

Trinity Capital Inc. (Nasdaq: TRIN), an internally managed business development company, is a leading provider of diversified financial solutions to growth-stage companies with institutional equity investors. Trinity Capital's investment objective is to generate current income and, to a lesser extent, capital appreciation through investments, including term loans and equipment financings and equity-related investments. Trinity Capital believes it is one of only a select group of specialty lenders that has the depth of knowledge, experience and track record in lending to growth stage companies. For more information, please visit the Company's website at www.trinitycap.com.

About Velentium

Velentium is a Houston-based professional engineering firm specializing in the end-to-end design, development, manufacturing and post-market support of medical devices. The company's core competencies include active implantable medical devices, systems engineering, firmware & software, cybersecurity, mobile & cloud, electrical & mechanical engineering, human factors & usability, automated test systems, and CGMP manufacturing. With customers all over the world, Velentium has experience working with all sizes of clients, ranging from startups seeking seed funding to established Fortune 500 companies.

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SOURCE Trinity Capital Inc.

FAQ

What is the amount of growth capital Trinity Capital Inc. (TRIN) provided to Velentium?

Trinity Capital Inc. (TRIN) provided $15 million in growth capital to Velentium.

What is Velentium's specialization in the medical device industry?

Velentium specializes in the design and manufacture of innovative medical devices, particularly active implantable and wearable devices.

How large is Velentium's new corporate headquarters in Houston?

Velentium's new corporate headquarters in Houston is over 50,000 square feet and includes class 7 cleanrooms.

What will the growth capital from Trinity Capital Inc. (TRIN) be used for by Velentium?

The growth capital from Trinity Capital Inc. (TRIN) will facilitate Velentium's continued growth and expansion in the medical device industry.