LONDON Nallatech has raised a $5 million funding facility from ETV Capital and Bridge Bank to fund its increased focus on the U.S. market. The cash will be used for the next phase of the company's growth plan, which will see the majority of the company’s resources focused on one of the fastest growing markets for high-performance FPGA computing solutions – the military and aerospace sector in the U.S.
In the first half of 2006 Nallatech (Cumbernauld, Scotland) will double its headcount in the U.S. with the recruitment of additional sales and technical support staff. Craig Anderson, CEO of Nallatech, said, “Together with the support and backing of our other financial investors, 3i and Scottish Equity Partners, this facility gives us the flexibility and financial resources we need to take advantage of the ever increasing demand for high-performance FPGA computing solutions in the U.S. military and aerospace sector.” ETV Capital believes that the innovative and international nature of the financing package put together by it and Bridge Bank is uniquely suited to Nallatech’s financing requirements at this stage of the company’s development.
Michael J. Field, Executive Vice President of Bridge Bank’s Technology Banking Division, said, “Nallatech is one of our key international technology clients and this exemplifies the Bank’s commitment to serving technology companies with creative solutions.”
Bridge Bank is a Californian-based organisation while ETV Capital is a European based provider of venture debt and structured finance solutions for venture capital backed information technology, life science and intellectual property based companies.