Trinity Capital Inc (NASDAQ: TRIN), a provider of diversified financial solutions to growth-oriented business customers, said on Monday that it had committed $15 million in growth capital to Velentium.
Headquartered in Houston, Velentium designs, develops, manufactures and provides post-market support for medical devices – active implantable and wearable devices in particular.
“Velentium brings unique capabilities to their medical device customers and is a trusted partner to help drive new product innovation,” Ryan Kaeding, Managing Director, Life Sciences at Trinity Capital Inc, said in a press release.
“We believe in their team and are excited to help accelerate their growth as a one-stop shop for end-to-end medical device design, development, and contract manufacturing.”
“We are thrilled to partner with Trinity as we continue to scale our business and make medical devices safer, more secure, and more user-friendly continuing our mission to Change Lives for a Better World through our customer partnerships,” Dan Purvis, Chief Executive of Velentium, commented.
Stock Performance
The shares of Trinity Capital Inc (TRIN) closed 1.05% ($0.15) lower at $14.15 on Nasdaq on Monday, as they reversed a gain from the previous market session.
The company’s total market cap now stands at $728.854 million.
The shares of Trinity Capital Inc (TRIN) went up 32.94% in 2023, compared with a 43.42% gain for the benchmark index, Nasdaq Composite (IXIC).
The company’s shares have retreated 2.61% so far this year.
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