The commercial lender to many a Silicon Valley founder of a biotech or fintech, Silicon Valley Bank (SVB), has collapsed, and regulators are monitoring the fallout as the FDIC steps in.
SVB has been active in various venture capital investment rounds totaling over $500 million in the last six months, according to the AW Deal Watch. It is widely thought that half of the startups in the U.S. work with Silicon Valley Bank.
This January, Silicon Valley Bank provided $10 million in venture debt to medtech company Miach Orthopaedics. Additionally, an affiliate of SVB, SVB Capital, participated in a new term loan funding for fintech company DailyPay that logged a revolving credit facility totaling $260 million.
In October 2022, SVB participated in the $120 million pre-IPO financing for secure access service edge platform Versa Networks alongside BlackRock. Meanwhile, the Healthcare Innovation Investment Fund (an investment fund associated with SVB affiliate SVB Securities) participated in a $168 million Series B financing round for Odyssey Therapeutics, a biotech company.
In September 2022, the SVB Innovation Credit Fund VII provided financing to Accel-KKR to make a majority growth investment in Teamcore, a leading retail platform.
Lastly, in June 2022, SVB Capital participated in a $165 million Series E round for Shield AI, a defense technology company.
