Hyperfine Inc., which develops portable MRI systems, has secured up to $40 million in debt financing to support operations and growth.
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Guilford-based Hyperfine Inc., which develops portable MRI systems that allow brain imaging at the bedside and in outpatient settings, has secured up to $40 million in debt financing to support operations and growth.
The company said it entered a loan agreement with Farmington-based venture lender Horizon Technology Finance Corp., receiving an initial $15 million, with an additional $25 million available through 2027 subject to certain conditions.
The loan carries an interest rate of at least 10.75% and matures in March 2031. Hyperfine will make interest-only payments for the first four years.
As part of the deal, Hyperfine issued warrants allowing the lender to purchase more than 1 million shares of stock at $1.20 per share.
The financing is secured by most of the company’s assets and will be used for working capital and general corporate purposes.
Hyperfine was founded by serial entrepreneur Jonathan Rothberg and is led by President and CEO Maria Sainz. Its portable MRI technology is designed for use in hospitals, clinics and physician offices where traditional MRI machines may be impractical.
In its annual report, the company said it is focused on expanding sales beyond hospital critical care settings into neurology offices and international markets, while continuing to invest in software development and clinical studies to support broader adoption.
The financing comes as the company continues to operate at a loss, despite revenue growth.
Hyperfine reported $13.6 million in revenue for 2025, up 5.2% from the prior year, including $5.3 million in fourth-quarter revenue, which more than doubled year over year. The company posted a net loss of about $35.6 million for the year and ended 2025 with roughly $35 million in unrestricted cash. It said the recent financing and a prior equity raise are expected to extend its cash runway into 2028.
Hyperfine cut its global workforce in January 2025 by about 14% to lower costs and streamline operations. As of Feb. 15, 2026, the company had 102 employees, down from 111 a year earlier and 131 in 2024, according to annual reports.
