Bridge Bank announced that its Technology Banking Group has closed a $15 million line of credit for EliseAI, a New York City-based technology company dedicated to building the world’s most advanced conversational artificial intelligence platform with an initial focus on rental housing.
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EliseAI plans to use the annual recurring revenue (ARR) based line of credit to support its growth and supplement recently raised equity capital.
The deal highlights Bridge Bank’s strengths in working with companies that use technology to solve problems people encounter on a daily basis.
“The number of prospective renters vying for apartments has increased dramatically during the coronavirus pandemic, and it’s often difficult for property managers to keep up with the volume of correspondence they receive,” said Roger Klarmann, senior vice president in Bridge Bank’s Technology Banking Group. “EliseAI solves that problem through technology, and we believe the company is poised for growth in this high-demand industry.”
“EliseAI allows prospective renters to experience a quick, customized, accurate connection with a property, often without even realizing they’re communicating with AI,” added Brendan Carr, vice president in Bridge Bank’s Technology Banking Group. “Bridge Bank is proud to support EliseAI’s growth as property managers tap into everything the platform can offer them.”
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EliseAI uses artificial intelligence (AI) to automate conversations between consumers and businesses. Using their experience in software engineering and machine learning, founders Minna Song and Tony Stoyanov created the platform to improve the process of finding and moving into rental housing.
“EliseAI is using technology to improve the leasing experience for both renters and management companies,” said Minna Song, CEO of EliseAI. “Our conversational AI allows any management company to provide an exceptional renter experience while increasing occupancy operating more efficiently. This financing provides additional liquidity to support our current growth and enables us to provide similar benefits to other industries.”
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 for companies that are bringing new technologies to market nationwide.
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