PHOENIX, Feb. 7, 2024
/PRNewswire/ -- Trinity Capital Inc. (NASDAQ: TRIN) ("Trinity"), a
leading provider of diversified financial solutions to growth-stage
companies, today announced the commitment of $20 million in equipment financing to Formlogic,
a provider of autonomous precision manufacturing services intended
for space companies.
Formlogic is changing how precision parts are sourced and
manufactured by separating engineering from physical labor. Through
a combination of remote AI-based planning and autonomous
production, the company has created software that performs the
simulations needed to produce effectively, replacing the
guess-and-check method usually done by a skilled worker.
"The manufacturing sector is home to some of the most innovative
ideas in the medical, semiconductor, and aerospace industries and
we're excited to add Formlogic to our portfolio," said Ryan Little, Senior Managing Director, Equipment
Financing at Trinity. "We look forward to supporting the company's
growth as it continues to scale."
Formlogic has factories located in Pittsburgh spanning over 50,000 square feet.
This growth capital will enable the company to acquire new CNC
machines and continue to scale operations.
"Formlogic is on a mission to help modernize the industrial
supply chain and ensure tens of billions of dollars in skilled
manufacturing remains in the US," said Paul
Sutter, CEO and Founder at Formlogic. "We appreciate all of
Trinity's support, and we're excited to have them as a partner as
we onboard our next factories."
About Trinity Capital Inc.
Trinity Capital
Inc. (Nasdaq: TRIN), an internally managed business
development company, is a leading provider of diversified financial
solutions to growth-stage companies with institutional equity
investors. Trinity Capital's investment objective is to
generate current income and, to a lesser extent, capital
appreciation through investments, including term loans and
equipment financings and equity-related investments. Trinity
Capital believes it is one of only a select group of specialty
lenders that has the depth of knowledge, experience and track
record in lending to growth stage companies. For more information,
please visit the Company's website at www.trinitycap.com.
About Formlogic
Formlogic Corporation, founded
in 2019 and headquartered in Pittsburgh,
PA, is a provider of autonomous precision manufacturing
services intended for space companies. The company's adaptive
production lines produce high-mix, high-precision parts at
enterprise scale for aerospace, medical and semiconductor
customers, enabling industries to avail close tolerances and rapid
turnaround of products at scale. The company is backed by two Sigma
Ventures and 8VC, with direct vendor financing from DMG Mori and
Grob Systems. For more information, please visit
https://www.formlogic.com/.
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SOURCE Trinity Capital Inc.