TEL AVIV, Israel, SANTA CLARA, Calif. -- September 21st 2011 --Cheetah Medical, a global leader in non-invasive hemodynamic and cardiac output monitoring technology, announced today that it has secured $4.0 million in debt financing from Silicon Valley Bank, the commercial banking division of SVB Financial Group (Nasdaq: SIVB) and financial partner to technology and life science companies worldwide. The facility will be used to support Cheetah Medical’s expansion strategy.
Founded in 2000 and headquartered in Tel Aviv, Israel, Cheetah Medical also has a strong presence in the US and it is backed by Ascension Health Ventures (AHV), Robert Bosch Venture Capital (RBVC) and MVM Life Science Partners (MVM).
“Silicon Valley Bank is a natural partner for us given its broad global reach and expertise within the life science space,” commented Yoav Avidor, CEO of Cheetah Medical. “We are certain that Cheetah Medical is poised for great success and are pleased to have Silicon Valley Bank on board as we enter this next phase of growth.”
Gadi Moshe, Senior Relationship Manager at SVB Israel Advisors Ltd (“SVB Israel”), added: “With extensive experience and a strong track record in helping leading companies succeed, Silicon Valley Bank is 100 percent committed to the life science industry in Israel and beyond. Cheetah Medical’s technology, management team and investors are impressive and we look forward to helping the company grow.”
SVB Financial Group has been working with companies and investors in Israel since the late 1990s, providing its clients and partners in the region the benefit of nearly 30 years of experience dedicated to helping entrepreneurial companies of all sizes succeed. SVB Israel was established in Herzliya in January 2008 to establish a more significant presence in the local market and today offers Israeli-based clients access to financial services, including debt financing, deposit services and treasury management.
In addition to SVB Israel, SVB Financial Group has international operations in China, India and the United Kingdom through which it offers its clients access to the company’s network of relationships with technology and life science companies and venture capital investors worldwide.
About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 26 U.S. offices and seven international operations. (Nasdaq: SIVB) www.svb.com.
SVB Israel Advisors Ltd. is a subsidiary of SVB Financial Group. Neither SVB Israel Advisors nor SVB Financial Group is licensed to conduct banking business or provide other financial services in Israel and neither engages in unlicensed banking activities. Banking services provided by Silicon Valley Bank, a member of FDIC.
About Cheetah Medical
Cheetah Medical is a leading provider of non-invasive Cardiac Output and Hemodynamic monitoring solutions.
Cheetah’s’s NICOM® (Noninvasive Cardiac Output and Hemodynamic Monitoring) system uses the company’s proprietary BIOREACTANCE® Technology to deliver continuous, accurate, noninvasive cardiac output and other vital hemodynamic monitoring parameters. The system is US FDA cleared and CE Marked, and since its commercial launch in 2008 has been adopted by a growing number of clinicians worldwide. Cheetah Medicals headquarters is located in Tel-Aviv, Israel and its United States headquarters is located in Portland, Oregon. For more information, visit Cheetah Medical’s website at www.cheetah-medical.com.