Global semiconductor technology and equipment firm, Revasum, Inc. (ASX: RVS, ‘Revasum’ or the ‘Company’) announced that it has secured a growth capital facility from SQN Venture Partners, LLC (‘SQN’). The facility will provide up to US$8 million in debt financing to accelerate new product development and provide working capital to support rapid growth. The funds are available in two tranches:
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- US$5 million funded upon closing of the facility on 18 February 2022 US PST (‘Tranche 1’)
- US$3 million available to the Company upon achieving YTD Purchase Orders for the 7AF‐HMG and 6EZ of at least US$12 million by 30 September 2022 (‘Tranche 2’).
A portion of Tranche 1 funds will be allocated to support new product development. The Company is currently developing the next generation of its already market leading silicon carbide (‘SiC’) polisher, scheduled for release in Q1 of CY2023. The next generation SiC polisher has been designed in line with feedback from strategic 6EZ partners on their needs over the coming years as they exponentially grow their production facilities for SiC wafer processing, and will include a multi‐chamber brush cleaning module alongside other features to support our customers as they move to high‐volume production. The remainder of the funds will be used for general working capital needs as the Company builds inventory and expands its manufacturing capacity to support increased customer demand.
A summary of the material terms of the growth capital facility with SQN are set out in the schedule to this announcement.
