The technology banking group of Bridge Bank 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.
Tourmo plans to use the line of credit as working capital to support its growth.
“For many companies, enabling a mobile workforce with artificial intelligence technology is only one step of moving into the future,” Justin Vogel, senior vice president at Bridge Bank, said. “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.”
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,” Marc Brungger, CEO at Tourmo, said. “We see Bridge Bank as a key partner in supporting our growth and our customers’ success.”