COSTA MESA, Calif.–(BUSINESS WIRE)–Bridge Bank today announced that its Technology Banking Group has secured a $5 million monthly recurring revenue (MRR) line of credit for Tourmo, an artificial intelligence (AI)-powered mobility company based in San Diego that helps companies optimize mobile workforce operations.
Tourmo plans to use the line of credit as working capital to support its growth.
The deal is another example of Bridge Bank’s abilities to support growing technology companies, such as Tourmo, as they provide the tools that help businesses hone and improve workforce performance.
“For many companies, enabling a mobile workforce to benefit from artificial intelligence technology is just one step into the future,” said Justin Vogel, senior vice president of production office. of Bridge Bank loans to Costa Mesa. “Bridge Bank is excited to play a role in supporting Tourmo’s potential growth as the world harnesses the enormous value of mobility workflow automation.”
Tourmo has developed an AI-powered software platform that brings together and unifies data from existing sources such as telematics and other point solutions. The Tourmo platform uses AI to generate unbiased information. It automates and communicates workflows to mobile workers, customers and partners to increase safety, productivity, satisfaction and sustainability.
“Having Bridge Bank in our corner will allow us to continue to improve our technology and bring great value to the businesses that use it,” said Marc Brungger, CEO of Tourmo. “We view Bridge Bank as a key partner in supporting our growth and the success of our clients.”
Bridge Bank’s Technology Banking Group provides financing solutions to companies in a variety of technology sectors at any stage of the growth cycle. From its inception to its IPO, the Technology Banking Group has been a premier financial resource for companies nationwide bringing new technologies to market.
Based in San Diego, CA, Tourmo provides a mobility workflow automation platform designed for companies with mission-critical mobile operations. The AI-powered Tourmo platform provides contextualized business intelligence and real-time decision making to support the critical network of people, vehicles, customers and partners that these organizations rely on. Tourmo’s software-as-a-service (SaaS) solutions drive automated business process workflows that improve human and vehicle productivity, safety, satisfaction and sustainability. Unlike telematics and infinite, disjointed point products that deliver data that must be manually analyzed and mined through trial and error, Tourmo enables self-service, automated artificial intelligence, and machine learning insights to generate and communicate real-time actionable workflows. Visit the company’s website at www.tourmo.ai.
About Bridge Bank
Bridge Bank, a division of Western Alliance Bank, Member FDIC, helps corporate clients realize their ambitions. Founded in 2001 in Silicon Valley, Bridge Bank provides a better way to bank for small and medium-sized businesses across many industries, as well as emerging technology companies and the private equity community. Designed to serve both venture-backed and non-venture-backed businesses, Bridge Bank offers a wide range of financial solutions, including start-up banking, capital credit facilities, equipment and working capital, venture capital debt, cash management, asset based lending, SBA and commercial real estate loans and a full range of international products and services. Headquartered in San Jose, Bridge Bank has 15 offices in major markets across the country, as well as the powerful suite of specialized financial services of Western Alliance Bank. Western Alliance Bank is the primary subsidiary of Phoenix-based Western Alliance Bancorporation with over $60 billion in assets. Western Alliance is the second best performer of the 50 largest U.S. public banks in the S&P Global Market Intelligence list for 2021 and ranks year after year on Forbes’ list of “America’s Best Banks.” For more information, visit Bridge Bank online.