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July 7, 2022

Horizon Technology funds LA company that produces digital automotive manufacturing systems

Contributed Lukas Czinger, vice president of automation at Divergent Technologies, sits among an early iteration of the company's flexible assembly cell.
By Andrew Larson

Horizon Technology Finance Corp. has provided a venture loan of up to $60 million to a Los Angeles-based company that has developed an end-to-end digital production system for automotive manufacturing.

Divergent Technologies Inc. announced Thursday that it had closed on the loan from Horizon, along with a $20 million revolving line of credit provided by Bridge Bank.

Divergent has developed a system that aids in automotive design, 3D printing and assembling complex vehicle structures. The platform, called Divergent Adaptive Production System, reduces development and production timelines, the company said.

Kevin Czinger, founder and CEO of Divergent, said the company will expand from its focus on automotive manufacturing to the aerospace and defense industries.

Horizon Technology is a Farmington-based specialty finance company that provides capital  to venture-backed companies in the technology, life science, healthcare information and services, and sustainability industries.

Horizon funded $15 million of the initial draw, and a private investment vehicle managed by Horizon Technology Finance Management LLC, Horizon's adviser, funded $5 million. The venture loan facility provides up to an additional $40 million of funding to Divergent upon meeting certain milestones.

Gerald A. Michaud, president of Horizon, said that Divergent has more than 500 patent filings.

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