CHICAGO, Nov. 29, 2016 (GLOBE NEWSWIRE) -- Square 1 Bank, a division of Pacific Western Bank, today announced that it has provided a $3.25 million credit facility to new client InContext Solutions, a global leader in cloud-based virtual reality (VR) retail solutions. Proceeds from the facility will provide working capital as the company expands its client base and product line.
Founded in 2009, InContext Solutions provides a unique, in-depth perspective on what consumers see on the shelf and how this drives their purchase behavior. ShopperMX™, the company’s proprietary VR platform, provides retailers and manufacturers the ability to create and test new concepts in hyper realistic 3D virtual store simulations. These VR simulations have saved the nation’s largest brands both time and money by allowing them to evaluate new ideas before investments are made.
“We are delighted to have Square 1 as our banking partner. Their support for high-growth technology companies made them a perfect fit for us as we develop forward-thinking VR technology solutions for retailers and manufacturers,” said Mark Hardy, chief executive officer of InContext Solutions.
Jeff Lampe, managing director of Square 1’s technology banking practice in the Midwest, added, “Square 1 is very excited to work with Midwest-based InContext Solutions, an enterprise that has revolutionized the way companies understand shopper behavior. In concert with the company’s strong venture backing, Square 1’s debt facilities will contribute to the achievement of InContext’s growth objectives over the coming years.”
About Square 1 Bank
Square 1 Bank is a division of Pacific Western Bank, a Los Angeles-based commercial bank with over $21 billion in assets. A full service financial services partner to entrepreneurs and their investors, Square 1 provides clients flexible resources and attentive service to help their companies grow. Square 1 offers a broad range of venture debt, treasury and cash management solutions through offices in top innovation centers: Atlanta, Austin, the Bay Area, Boston, Chicago, Denver, Durham, Los Angeles, Minneapolis, New York, San Diego, Seattle and Washington, DC. Pacific Western Bank is a wholly-owned subsidiary of PacWest Bancorp (NASDAQ:PACW). For more information, visit www.square1bank.com.
About InContext Solutions
InContext Solutions is the global leader in enterprise virtual reality (VR) shopping and retail solutions, allowing manufacturers and retailers to simulate real in-store shopping situations to ideate, evaluate and activate all types of merchandising, display, layout and other in-store shopping experiences within a VR store environment. Use of InContext’s ShopperMX™ platform delivers substantial cost savings and reduces capital expenditures by allowing clients to test and evaluate ideas in the VR store environment—as opposed to doing so in physical stores—while reducing competitive visibility.
Visit www.incontextsolutions.com.