Per the PR it stated " is pleased to announce that it has completed a $1million round of equity funding.
Equity Funding Is a Loan but is backed bt securities (stock)
Equity financing involves not just the sale of common equity, but also the sale of other equity or quasi-equity instruments such as preferred stock, convertible preferred stock and equity units that include common shares and warrants.
A startup that grows into a successful company will have several rounds of equity financing as it evolves. Since a startup typically attracts different types of investors at various stages of its evolution, it may use different equity instruments for its financing needs.