It also had a $35 million term loan outstanding with SVB.
IRhythm Technologies, which sells a wearable device that monitors cardiac patterns, said in a filing on Monday that about one-fourth of its $213.1 million cash holdings were in operating accounts held at Silicon Valley Bank. Its deposits were “largely uninsured,” Roku said, and it did not know “to what extent” it would be able to recover them, but added that it believed it had enough cash for the next twelve months. Securities and Exchange Commission filing on Friday that roughly $487 million, or 26 percent, of its $1.9 billion in cash was tied up with Silicon Valley Bank. Roku, the maker of the streaming media player, said in a U.S. Here are some of Silicon Valley Bank’s clients:
Typically, only deposits up to $250,000 are insured by the Federal Deposit Insurance Corporation. On Sunday, regulators in the United States took the unusual step of g uaranteeing all deposits at the lender. Concerned about making payroll, companies raced to transfer deposits out of the bank. Several companies disclosed in filings significant deposits in the bank. Silicon Valley Bank, which described itself as the “financial partner of the innovation economy,” provided services to nearly half of all venture-backed technology and life-science companies in the United States, according to its website.
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