CHICAGO, March 30, 2015 (GLOBE NEWSWIRE) -- Square 1 Bank, the premier banking partner to entrepreneurs and the venture capital community, and Trinity Capital Investment, a leading provider of venture loans and leases to emerging growth companies, announced today their recent collaboration and closing of a $5 million credit facility to meet the debt financing needs of Sirrus, Inc., an industry leader in monomer and derivatives manufacturing.
Sirrus was searching for a new lender to support further commercialization of their monomer and polymer technologies as well as provide additional working capital to complement their recently raised equity. In February 2015, Sirrus closed their Series B round of equity funding led by major investors Braemar Energy Ventures and General Motors Ventures, bringing the company's total invested capital to more than $35 million.
Formerly known as Bioformix, Sirrus is bringing to the market a new technology platform based on 1,1 dicarbonyl substituted alkenes. This new chemistry has wide applicability in adhesives, sealants, coatings, and resins among other technologies. The company's most well-known products, Chemilian™ and Forza™, were breakthroughs in monomer technology and established Sirrus as a pioneer in the field.
"We are excited to have partnered with both Square 1 Bank and Trinity Capital on this transaction. This capital provides Sirrus with additional runway to achieve our growth plan and better serve our announced and soon to be announced partners that provide chemistry enabled solutions to manufacturers and consumers," said Jeff Uhrig, CEO of Sirrus.
"Square 1 Bank is excited about the wide application set of the Sirrus technology," added Ryan Dammeyer, managing director of Square 1 Bank's Midwest region. "We are proud to partner with Sirrus Chemistry and Trinity Capital Investment to continue to support the novel technology and pursue its ever growing commercial applications."
"We believe the team and technology at Sirrus have the potential to revolutionize multiple industries," said Steve Brown, managing partner, Trinity Capital Investment. "We thank Square 1 Bank for the opportunity to collaborate on this facility and look forward to seeing Sirrus advance numerous manufacturing technologies through chemistry."
About Square 1 Bank
Square 1 Bank is a full service commercial bank dedicated exclusively to serving the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion. Square 1's expertise, focus and strong capital base provide flexible resources and unmatched support to meet our clients' needs. Square 1 has offices coast-to-coast in Austin, the Bay Area, Boston, Chicago, Denver, Durham, Los Angeles/Orange County, Minneapolis, New York, San Diego, Seattle and Washington, DC. For more information, visit www.square1bank.com.
About Trinity Capital Investment
Trinity Capital Investment is a leading provider of venture loans and equipment leases for emerging growth companies. We work closely with leading venture capital firms, technology bank lenders and their respective portfolio companies to provide insightful and competitive venture debt financing solutions to address our customers' specific needs. Having funded some of the world's most innovative startup companies, we are the partner of choice for venture-backed technology startups seeking access to capital while preserving equity. For more information, visit www.trincapinvestment.com.
About Sirrus
Sirrus advances manufacturing technology through chemistry. Sirrus 1,1 dicarbonyl substituted alkenes, known as Chemilian™ and Forza™ provide the foundation to meet customer needs via tunable physical property performance and fast cure speeds at ambient temperatures. Benefits include cycle time reduction, energy savings, and new material selection in a broad range of customer and consumer applications, including automotive, building and construction, electronics, packaging and hygiene. For more information, visit www.sirruschemistry.com.