Horizon Technology Finance Corporation (NASDAQ: HRZN) has provided a $40 million loan facility to Hyperfine, Inc. (NASDAQ: HYPR), according to a company statement. The facility includes an initial funding of $15 million at closing, with up to $25 million available for future commercial growth.

Hyperfine operates as a health technology company that developed the Swoop System, described as the first FDA-cleared AI-powered portable magnetic resonance brain imaging system. The system is cleared for brain imaging in patients of all ages and is designed for use in intensive care units, emergency departments, community hospitals, and neurology offices.

"Hyperfine has built a truly differentiated technology platform that is expanding access to brain imaging in settings where conventional MRI is not accessible, practical, affordable nor readily available," said Paul Seitz, Chief Investment Officer of Horizon.

Maria Sainz, Chief Executive Officer and President of Hyperfine, stated that the facility will provide capital to accelerate commercial expansion of the Swoop System across hospital and office settings, as well as global expansion.

Horizon Technology Finance Corporation, externally managed by Horizon Technology Finance Management LLC, operates as a specialty finance company providing secured loans to venture capital and private equity-backed companies in technology, life science, healthcare information and services, and sustainability industries. The company is headquartered in Farmington, Connecticut.

Hyperfine was founded by Dr. Jonathan Rothberg in a technology-based incubator called 4Catalyzer. The company's Swoop System is characterized as an ultra-low-field magnetic resonance brain imaging system capable of providing imaging at multiple points of care.