Horizon Technology Finance Corporation said that it provided a $40 million loan facility to Hyperfine. The loan facility includes an initial funding of $15 million at closing. The remaining $25 million is available to support future commercial growth for the Guildford, Connecticut-based company. This marks the latest cash infusion for Hyperfine, which brought in $17.5 million through an offering last fall.
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Hyperfine develops Swoop, the world’s first FDA-cleared, portable, ultra-low-field, brain MRI system. Hyperfine aims to leverage AI and machine learning to advance ultra-low-field portable MR brain imaging technology and improve patient care.
The next-generation Swoop — cleared by the FDA last year — features innovations engineered to deliver a high signal-to-noise ratio. When paired with OptiveAI, this helps achieve high-quality imaging with improved resolution, uniformity and faster acquisition times. The system also offers a user- and patient-centric design to accommodate a broad patient population.
Hyperfine says its next-generation Swoop innovation unlocks “a new brain imaging paradigm.”
Maria Sainz, Hyperfine CEO, said:
“Horizon has a deep understanding of the medtech space and the unique needs of companies at our stage of commercial growth. This facility provides us with the capital to accelerate the commercial expansion of our Swoop® System across hospital and office settings as well as globally as we expand the reach and access of MRI for acute and chronic brain conditions providing high clinical and economic value to patients, clinicians and providers.”
Paul Seitz, chief investment officer at Horizon, said:
“Hyperfine has built a truly differentiated technology platform that is expanding access to brain imaging in settings where conventional MRI is not accessible, practical, affordable nor readily available. With strong clinical and economic evidence, a growing commercial opportunity with expanding sites of care, and a second-generation system that delivers diagnostic quality images, we are excited to support Hyperfine’s continued growth and the broader adoption of point-of-care neuroimaging.”
