ATEL Ventures has completed an agreement to provide $10M of growth capital to Vial, a next-generation pharma company.
Founded in 2020 and headquartered in San Francisco, California, Vial is a clinical-stage biotech company based in San Francisco that has raised $100M+ to date from leading life sciences investors including General Catalyst, Buckley Ventures, and Byers Capital. Vial is focused on advancing a pipeline of potentially best-in-class biologics and RNA therapeutics across areas of unmet medical need.
Vial recently initiated dosing of healthy volunteers in its first clinical trial for a novel subcutaneous, extended half-life monoclonal antibody targeting TL1A, which is being developed as a potentially best-in-class treatment for people living with moderate-to-severe IBD, as well as other I&I and fibrotic diseases. The $10M from ATEL Ventures will complement Vial’s historical equity financings and enable the Vial team to advance additional assets into the clinic in 2025, leveraging its vertically integrated drug development, clinical trial technology, and clinical operations platform.
“Drug development and clinical trials have always been slow-moving and capital-intensive,” said Steven Rea, President, ATEL Ventures. “Vial’s platform turns all of that on its head, streamlining the process and enabling new drugs to get to market that much faster.”
“We are reimagining drug development, using technology to build for scale,” said Simon Burns, CEO of Vial. The financing from ATEL complements our historical equity funding and supports our ability to accelerate the number of clinical stage assets in our pipeline.
ATEL Ventures has finalized its support for Menlo Micro, a pioneering manufacturer of efficient micro-electrical-mechanical switches. This initial round of financing will help accelerate the acquisition of additional manufacturing equipment for Menlo Micro’s facility in Ithaca, NY.
Based in Irvine, CA with R&D and manufacturing operations in Albany and Ithaca, NY, Menlo Micro has raised over $225M million in equity funding to bring its breakthrough switching technology to market. The company’s Ideal Switch® eliminates compromises and tradeoffs by combining the benefits of electromechanical and solid-state switches into the best of both worlds, which delivers more than 99 percent reductions in size, weight, power, and cost to dozens of industries such as aerospace and defense, telecommunications, consumer electronics, industrial IoT, and test and measurement.
The new financing will bolster Menlo Micro’s ability to ramp within its initial market: semiconductor test and measurement. Today’s high-performance semiconductors, such as GPUs, APUs and HBM, require rigorous high-speed signal testing (64 Gbps +) before reaching customers, and Menlo Micro’s Ideal Switch® eliminates the inefficiencies inherent in typical test procedures, enabling semiconductor manufacturers to test more devices, faster, and at lower cost.
“After following Menlo Micro for a number of years we’re excited to be partnering with them to further support demand for their Ideal Switch®, which dramatically reduces size, weight, power and cost versus legacy relays and switches,” said Lance Torrey, Senior Director, ATEL Ventures. “Our financing will help Menlo Micro continue to scale its state-of-the-art manufacturing infrastructure and bring its technology platform to wider range of customers.”
Menlo Micro’s technology is backed by over 65 patent families comprised of more than 300 issued patents, with its core material science-based intellectual property originating from GE Research. The company’s innovative approach has garnered investments from leading firms including the Build Collective (formerly Future Shape), Standard Investments, Paladin Capital, Vertical Venture Partners, DBL Partners, Piva Capital, Corning, Microchip and others.
“This financing helps support our continued growth within our initial markets as well as the acceleration of our Ideal Switch® technology into our most strategic application – smart and efficient power controls,” said Mark Czepiel, Menlo Micro’s Chief Financial Officer. “We are well-positioned to meet the increasing demand for more reliable, efficient, and scalable switching solutions.”
ATEL Ventures has a long history of funding next-generation technology companies, providing flexible capital solutions that enable high-growth businesses in semiconductors, chip manufacturing, space technology and other sectors to scale critical infrastructure.
ATEL Leasing Corporation has solidified its position as one of the Top 20 railcar lessors in North America, according to Progressive Railroading and the Official Railway Equipment Register. With a fleet serving a diverse range of industries, ATEL plays a critical role in supporting the logistics and transportation needs of some of the world’s largest companies.
ATEL’s railcars are leased to leading shippers such as Dow Chemical, BASF, Archer Daniels Midland, Cargill and ExxonMobil, as well as Class 1 railroads like Union Pacific and BNSF Railway. By offering flexible leasing solutions, ATEL enables these and other businesses to adapt to shifting market conditions while ensuring seamless and efficient transportation.
ATEL’s fleet supports the transportation of aggregates, cement, agricultural products, fertilizer, food, intermodal freight, lumber, forest products, paper, rolled steel and scrap, plastics, and construction materials. With a commitment to reliability, efficiency, and strategic flexibility, ATEL continues to be a trusted partner in railcar leasing, helping major businesses move essential goods across North America.
While railcars are a significant part of ATEL’s leasing portfolio, they are just one of many essential asset types the company finances. ATEL’s expertise spans everything from forklifts and heavy machinery to aviation, marine, and industrial equipment, ensuring many types of business are able to maintain the capital and flexibility to keep operations running efficiently.
With decades of expertise in railcar leasing and equipment financing, ATEL provides value beyond leasing alone. The company’s comprehensive solutions include mechanical support, maintenance and repair services, and logistics expertise, ensuring customers receive a turnkey approach to fleet management. ATEL’s leasing options include net and full-service operating leases, lease restructurings, and customized modifications to fit the unique needs of each client.
Find out more about the full breadth of ATEL’s equipment leasing solutions, here.
ATEL Leasing Corporation has agreed the lease financing of essential capital equipment for multiple Berkshire Hathaway subsidiaries, reinforcing its role as a trusted partner for industry-leading companies.
Led by famed investor Warren Buffett, Berkshire Hathaway is one of the world’s most influential holding companies, with a market capitalization exceeding $715 billion. The company owns a diverse portfolio of private businesses and holds significant investments in publicly traded firms, including Apple, Coca-Cola, and American Express.
As part of this financing, ATEL provided lease funding for Freightliner over-the-road tractors to Shaw Industries, the world’s largest carpet manufacturer. Headquartered in Dalton, Georgia, Shaw produces over 3,000 styles of tufted and woven carpet and laminate flooring for residential and commercial markets under approximately 30 brand names, as well as private labels. This financing supports Shaw’s expansive logistics network, ensuring the company can efficiently deliver its products across the country.
ATEL also provided financing to McLane Company, another Berkshire Hathaway subsidiary and one of the largest wholesale distribution and logistics service providers in the world. Operating in all 50 states, McLane serves major retailers, convenience stores, quick-service restaurants, and other businesses. ATEL’s lease financing included Crown material handling equipment, such as forklifts, reach trucks, order pickers, and pallet jacks, helping McLane optimize operations at its distribution centers.
This collaboration highlights ATEL’s expertise in customized lease financing for essential-use equipment, supporting businesses across industries with the capital solutions they need to scale and operate efficiently.
Find out more about the full breadth of ATEL’s equipment leasing solutions, here.
ATEL Capital Group is pleased to announce the launch of Ijarah, a joint venture with Aljazira Capital and Guidance Group to provide Shariah-compliant operating lease solutions to companies in Saudi Arabia.
Guidance Group has more than 50 years of operational history in the Middle East and contributes specialized investment and financing expertise to the partnership. Aljazira Capital, a leading Saudi investment firm and subsidiary of Bank Aljazira will provide a new Shariah-compliant investment opportunity to its clients. Together, the partners are set to drive value for qualified businesses across Saudi Arabia by providing essential equipment leasing solutions through Ijarah.
Ijarah is the first company to provide Shariah-compliant operating leases of essential equipment in Saudi Arabia. This joint venture aims to offer corporate clients innovative, Shariah-compliant leasing solutions, addressing the growing demand for flexible financing options in key economic sectors across the Kingdom.
Commenting on the joint venture, Dean Cash, Chairman and CEO of ATEL Capital Group, said: “We are thrilled to bring our decades of expertise in equipment leasing to Saudi Arabia through our collaboration with Aljazira Capital and Guidance Investments. Launching “Ijarah” represents a unique opportunity to support the Kingdom’s ambitious economic goals, offering Shariah-compliant operating lease solutions that align with ATEL’s mission to foster sustainable growth in international markets. We look forward to meeting the needs of businesses across Saudi Arabia and continuing our long-term presence in the region.”
Naif Almesned, CEO and Managing Director of Aljazira Capital, expressed enthusiasm for the partnership: “By joining forces with ATEL Capital Group and Guidance Investments, we’re positioned to leverage our collective strengths and capitalize on Saudi Arabia’s dynamic economic growth. This initiative venture, launched during the week of Future Investment Initiative 8th Edition conference in Riyadh, is a testament to our commitment to Saudi Vision 2030. Through “Ijarah” we are focused on fostering economic diversification, promoting sustainable growth, and providing the Kingdom with innovative, Shariah-compliant financial solutions.” Mohamad Hammour, Chairman of Guidance Investments, also shared his perspective: “Our partnership with Aljazira Capital and ATEL Capital Group marks an important milestone in advancing Shariah-compliant financing in the Middle East. We are committed to providing tailored investment solutions that drive growth and align with the core values of our clients. “Ijarah” not only supports Saudi Vision 2030 but also reflects our dedication to expanding access to diversified, Shariah-compliant investment options in the region. We are excited to contribute our knowledge and experience to this exciting venture.”
Mohamad Hammour, Chairman of Guidance Investments, also shared his perspective: “Our partnership with Aljazira Capital and ATEL Capital Group marks an important milestone in advancing Shariah-compliant financing in the Middle East. We are committed to providing tailored investment solutions that drive growth and align with the core values of our clients. “Ijarah” not only supports Saudi Vision 2030 but also reflects our dedication to expanding access to diversified, Shariah-compliant investment options in the region. We are excited to contribute our knowledge and experience to this exciting venture.”
ATEL Ventures has announced an agreement to provide equipment financing to Harbinger, a Southern California-based manufacturer of electric trucks, to enable the company to expand its manufacturing capacity.
Harbinger is focused on meeting the demand for medium-duty electric vehicles (EVs) with a first-of-its-kind vertically integrated EV platform designed to deliver improvements in safety, driver experience and vehicle operation.
“More and more commercial fleet operators are turning to EVs, and Harbinger provides a solution with zero price acquisition premium over gas or diesel-powered vehicles,” said Steven Rea, President, ATEL Ventures, Inc. “The future is electric and while other manufacturers are busy electrifying older vehicles, we believe Harbinger’s ground-up solution will emerge as a leader in this sector.”
John Harris, CEO and Co-Founder of Harbinger said: “We have received 4,000 orders from customers including Bimbo Bakeries USA, THOR Industries, Mail Management Services and more. The financing provided by ATEL Ventures will help us expand our manufacturing capabilities.”
Alongside the debt financing by ATEL Ventures, Harbinger has attracted over $100M of venture investment from Greycroft, Tiger Global, Ridgeline, THOR Industries and others, including an oversubscribed $73M Series A round.
