Health care technology systems company Lincor Solutions has snagged a $3 million equipment line of credit to help fund its North American growth plans.
Lincor, which earlier this year moved its headquarters to Maryland Farms from Ireland, markets a lineup of IT products that help hospitals with their clinical, administrative and entertainment offerings. Its latest funding was provided by Silicon Valley Bank and comes less than a year after a $9.5 million venture capital investment.
The new credit facility will be used to buy equipment as part of Lincor’s launch of its software-as-a-service business in the United States as well as to support other growth plans in Europe, the Middle East and Asia.
“The launch of our SaaS business in the U.S. is an important step for us, and this financing will enable us to fulfill our expansion ambitions in this area,” said Lincor CFO Robert Brown. “Silicon Valley Bank is a great fit for us because of its deep understanding of the technology sector globally.”
Lincor’s products are being used by more than 125 hospitals around the world. The company also runs offices in Florida, Canada, France, Ireland and Austria.