Knightscope Secures $3.5 Million in Growth Capital from Silicon Valley Bank
Jun. 06, 2018
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Jun 6, 2018--Knightscope, developer of advanced physical security technologies focused on significantly enhancing U.S. security operations, entered into a new loan and security agreement with Silicon Valley Bank (“SVB”). The agreement provides for a term loan facility in an aggregate principal amount of up to $3.5 million. The Company will use the funds drawn and the principal available under the SVB Loan Facility to finance the production of additional Autonomous Data Machines (ADMs) in order to meet client order demands for its security robots.
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Knightscope's fleet of security robots are operating in 15 US States and expanding. Virtual demonstrations are offered to qualified individuals. Contact Knightscope for details. (Photo: Business Wire)
“Our growing relationship with Silicon Valley Bank will help drive our growth as we expand nationwide,” said William Santana Li, chairman and chief executive officer, Knightscope, Inc. “Knightscope presently holds contracts in 15 states that are operating across 4 time zones on a 24/7 basis.”
“Knightscope is a great example of autonomous technologies being deployed in the real world,” said Matt Trotter, Managing Director at Silicon Valley Bank. “We’re pleased to continue to support Knightscope as it scales its operations.”
Details of the transaction were filed with the U.S. Securities & Exchange Commission (SEC) on June 4, 2018 and may be found here.
Knightscope is an advanced security technology company based in Silicon Valley and builds the ultimate in security guards. Our security robots deter, detect and report…autonomously. Our long-term ambitious goal is to make the United States of America the safest country in the world, changing everything for everyone. Learn more at www.knightscope.com
About Silicon Valley Bank
For 35 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com
This release may contain forward-looking statements regarding projected business performance, operating results, financial condition and other aspects of the company, expressed by such language as “expected,” “anticipated,” “projected” and “forecasted.” These statements also include estimates of the pace of customer adoption of the Company’s products, engineering developments and prototype capabilities. Please be advised that such statements are estimates only and there is no assurance that the results stated or implied by forward-looking statements will actually be realized by the company. Forward-looking statements may be based on management assumptions that prove to be wrong. The Company’s predictions may not be realized for a variety of reasons, including due to competition, customer sales cycles, and engineering or technical issues, among others. The Company and its business are subject to substantial risks and potential events beyond its control that would cause material differences between predicted results and actual results, including the company incurring operating losses and experiencing unexpected material adverse events.
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Stacy Dean Stephens, 650-924-1025
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: TECHNOLOGY HARDWARE INTERNET SOFTWARE SECURITY MANUFACTURING ENGINEERING DEFENSE OTHER DEFENSE
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PUB: 06/06/2018 12:15 PM/DISC: 06/06/2018 12:15 PM