L.O.T.W. #152 - Hyperfine Scans for Growth Capital and Secures $40 Million Multi-Tranche Term Loan
Horizon Technology Finance backs Hyperfine's commercial expansion with $40 million in multi-tranche growth capital and a performance-linked interest-only extension
In March 2026, Hyperfine, Inc. entered into a loan and security agreement with Horizon Technology Finance Corporation, providing a senior secured multi-tranche term loan facility of up to $40 million. Hyperfine drew $15 million at closing across three tranches, with the remaining $25 million available in five additional tranches of $5 million each through December 31, 2027, subject to conditions including a debt-to-annualized-revenue covenant. The facility carries a 48-month interest-only period that is extendable through maturity if Hyperfine hits a defined FY2027 revenue milestone.
đAt a Glance
Origination Date: March 18, 2026
Borrower: Hyperfine, Inc.
Lender: Horizon Technology Finance Corporation
Deal Size: Up to $40 million
Structure: Senior secured multi-tranche growth capital term loan
Rate: Prime + 4.25%; prime floor of 6.50%; minimum rate of 10.75%
Term: ~60 months
Use of Proceeds: Working capital and general corporate purposes
Source: SEC 8-K
đˇBorrower Snapshot
Sector: Health Care
Subsector: Health Care Equipment & Supplies
Ownership: Public (Nasdaq: HYPR)
Commercial Stage: Revenue Generating; LTM EBITDA (-)
Business Overview: Hyperfine, Inc. is a medical device company and the maker of the SwoopÂŽ Portable MR Imaging System, the first FDA-cleared, AI-powered portable brain MRI system. Unlike conventional MRI, which requires shielded suites, high-cost infrastructure, and specialized personnel, the Swoop system operates at ultra-low field strength (0.064T) and is designed to be deployed at the point of care - bedside in ICUs, emergency departments, neurology offices, and community settings globally. The companyâs proprietary Optive AI software, with 12 cumulative FDA AI-enabled clearances, enhances image quality through deep learningâbased reconstruction, enabling clinical-grade imaging at significantly lower field strengths. Hyperfine has built an installed base of over 200 systems globally, generated approximately 250,000 images, and is actively expanding across three commercial verticals: hospital, office-based neurology, and international markets. The company holds approximately 200 issued patents and has reimbursement in place in the United States under existing CPT codes in both hospital and office settings.
âď¸Structure & Terms
Source: SEC 8-K
Commitment: Up to $40 million across 8 tranches of $5 million each
Funded at Close: $15 million (loans A-C)
Remaining Availability: $25 million (loans D-H), available through December 31, 2027
As a condition to drawing any tranche after the closing date, total indebtedness to annualized revenue (on a consolidated basis) may not exceed 1.00:1.00 immediately after giving effect to the draw
Maturity: March 18, 2031
Collateral: Substantially all assets of Borrower and Guarantors; Intellectual Property excluded from collateral at closing but automatically included upon funding of first additional tranche after closing
Rate: Prime + 4.25%; prime floor of 6.50%; minimum rate of 10.75%
I/O Period: 48 months - extendable through Maturity if 2027 consolidated revenue equals or exceeds undisclosed threshold
Fees:
Commitment Fee: 1% of total facility or $400k
Final Payment: 5.0% of the aggregate original principal amount of Term Loans disbursed, due at payoff or maturity
Prepayment: 3.0% if prepaid on or before 2nd anniversary of closing; 2.0% if prepaid after 2nd and on or before 4th anniversary; 1.0% if prepaid after the 4th anniversary
Warrants:
4.5% warrant coverage on initial funding
Up to an additional 2.5% warrant coverage on additional tranches (if funded)
Financial Covenant:
Min. Revenue Growth
Min. Cash
Actual negotiated covenant thresholds are redacted in the loan agreement