Horizon Technology Finance Provides Second Quarter 2023 Portfolio Update
- Horizon Platform Originates
"As we thoughtfully navigated the challenging macro environment, the Horizon Platform originated
Second Quarter 2023 Portfolio Update
During the second quarter of 2023, a total of
$10.0 millionto a new portfolio company, Viken Detection Corp., a developer of a variety of innovative X-ray and detection products utilized by various law enforcement agencies for the purposes of security, public safety and counterintelligence. $10.0 millionto a new portfolio company, SafelyYou, Inc., a developer of an innovative remote care platform that combines real-time AI video technology with a 24/7 remote clinical team. $10.0 millionto an existing portfolio company, Supply Network Visibility Holdings LLC(d/b/a Everstream Analytics), a provider of supply chain risk management software, in connection with the prepayment of its existing Horizon Platform loan facility and providing it with additional debt capital. $10.0 millionto an existing portfolio company, Divergent Technologies, Inc., a creator of an innovative global manufacturing infrastructure platform for the automotive industry, of which HRZN will hold $7.5 millionfor its portfolio. $5.0 millionto an existing portfolio company, a developer of neurovascular therapies to better treat brain diseases. $1.9 millionto an existing portfolio company, a provider of a returns technology platform for retailers and brands. $1.2 millionto an existing portfolio company, Nexii Building Solutions Inc., a green construction technology company focused on creating environmentally-friendly, durable, cost-efficient and disaster-resilient buildings. $0.7 millionto an existing portfolio company, a builder of conservation memorial forests that offer sustainable alternatives to cemeteries. $0.5 millionto an existing portfolio company, Groundspeed Analytics, Inc., a developer of an AI platform that captures, structures, and delivers complete risk data to commercial P&C insurance carriers. $0.2 millionto an existing portfolio company, Corinth Medtech, Inc., a developer of an FDA-cleared device for treating symptoms related to Benign Prostatic Hyperplasia (BPH). $0.1 millionto an existing portfolio company, an operator of commercial blood collection centers that source and distribute vital, in-demand blood components, such as platelets, to hospitals.
Liquidity Events and Partial Paydowns
HRZN experienced liquidity events from six portfolio companies in the second quarter of 2023, including principal prepayments and partial paydowns of
- In May, the Company received a payment of
$1.5 millionin cash and was issued $2.8 millionof equity in Decisyon, Inc.in full satisfaction of Decisyon'sobligations to the Company under its venture loan.
- In May, HRZN received
$0.8 millionin proceeds in connection with the redemption of warrants in Riv Data Corp.
- In May, with the proceeds of a new loan from the Horizon Platform,
Supply Network Visibility Holdings LLC(d/b/a Everstream Analytics) prepaid its previously outstanding principal balance of $11.1 millionon its venture loan facility, plus interest and end-of-term payment. HRZN continues to hold warrants in Supply Network.
- In June,
Groundspeed Analytics, Inc.was acquired by Insurance Quantified and Groundspeed prepaid its outstanding principal balance of $11.0 millionon its venture loan and convertible note, plus interest, end-of-term payments and prepayment fees. HRZN also received proceeds totaling $0.5 millionfrom the redemption of warrants it held in Groundspeed, as well as a preference payment on its convertible note of $0.9 million.
- In June, HRZN received a partial paydown of
$4.7 millionon its venture loan to Avalo Therapeutics, Inc.
- In June, HRZN received
$0.2 millionin proceeds in connection with an earnout payment and the redemption of warrants related to its investment in Bardy Diagnostics, Inc.
Principal Payments Received
During the second quarter of 2023, HRZN received regularly scheduled principal payments on investments totaling
During the quarter ended
Pipeline and Term Sheets
During the quarter, HTFM received signed term sheets that are in the approval process, which may result in the Horizon Platform providing up to an aggregate of
Warrant and Equity Portfolio
Statements included herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Horizon's filings with the