Trinity Capital Inc. Provides $20 Million Equipment Financing to Formlogic
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.
