ClearStar Inc (LON:CLSU), which provides technology and services to the background check industry, has secured a US$5mln revolving credit facility with tech-focused Silicon Valley Bank.
Most of that cash will be used for working capital purposes and to allow the company to capitalise on the opportunities it continues to develop in direct services and medical information services.
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The facility is due to mature on 19 October 2019 and any funds drawn down are subject to interest at “competitive market rates”, the AIM-quoted firm said.
"We are pleased to have received this funding from such a prestigious financial institution as we continue to receive increasing demand for our technologically-differentiated solutions, particularly for medical information services and directly from large corporates,” said chief executive Robert Vale.
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“This agreement with Silicon Valley Bank, which has a significant track record of supporting technology businesses, reflects their confidence in our potential and we look forward to deploying this capital to deliver sustained revenue growth.”