Bridge Bank announced its Technology Banking Group has closed on a $5 million monthly recurring revenue (MRR) line of credit for Tourmo, a San Diego-based artificial intelligence (AI) mobility company that helps businesses optimize mobile workforce operations.
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“For many companies, enabling a mobile workforce with artificial intelligence technology is only one step of moving into the future”
Tourmo plans to use the line of credit as working capital to support its growth.
The deal is another example of Bridge Bank’s capabilities in supporting growing technology companies, such as Tourmo, as they deliver the tools that help businesses refine and advance workforce performance.
“For many companies, enabling a mobile workforce with artificial intelligence technology is only one step of moving into the future,” said Justin Vogel, senior vice president in Bridge Bank’s Costa Mesa loan production office. “Bridge Bank is pleased to have a role in supporting Tourmo’s potential growth as the world taps into the tremendous value of mobility workflow automation.”
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Tourmo has developed an AI-powered software platform that gathers and unifies data from existing sources like telematics and other point solutions. The Tourmo platform uses AI to generate unbiased insights. 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 enable us to continue enhancing our technology and provide high value to the companies that use it,” said Marc Brungger, chief executive officer at Tourmo. “We see Bridge Bank as a key partner in supporting our growth and our customers’ success.”
Bridge Bank’s Technology Banking Group provides financing solutions to companies in a variety of technology sectors at any stage in the growth cycle. From inception through IPO, the Technology Banking Group is a leading financial resource to companies nationwide that are bringing new technologies to market.
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