Healthcare data company Canary Medical received a $20 million venture loan facility from Horizon Technology Finance Corp. and Silicon Valley Bank that it will use to support growth initiatives.
The funding will help develop the company's Chirp orthopedic monitoring system, which is equipped with an implantable sensor.
Horizon and Silicon Valley Bank will each provide Canary Medical with $10 million of borrowing capacity, with $5 million funded at closing.
Per terms of the agreement, additional tranches will be provided once certain regulatory and financial milestones are met.
"We are positioned well to complete the FDA approval process, commercialize Chirp and develop additional products for other orthopedic procedures to grow our business," Bill Hunter, MD, Canary Medical founder and CEO, said in a Jan. 4 news release.