Bridge Bank Provides $15 Million Annual Recurring Revenue Line of Credit to Support EliseAI’s Growth
NEW YORK — Bridge Bank today 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.
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.”
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.
EliseAI is a technology company based in New York City dedicated to building the world’s most advanced conversational artificial intelligence platform to enable a new level of business automation. EliseAI’s first product is a virtual leasing assistant for rental housing that helps real estate management companies of all sizes provide exceptional customer service and maximize revenue. For more information, please visit eliseai.com.
Bridge Bank, a division of Western Alliance Bank, Member FDIC, delivers relationship banking that puts clients at the center of everything. Founded in 2001 in Silicon Valley, Bridge Bank offers a full spectrum of tailored business banking solutions throughout the Bay Area and has specialized expertise focused on life sciences and technology and innovation companies, at every stage in their life cycle, through its offices in major tech hubs across the country. Bridge Bank also serves the private equity and venture capital communities and provides business escrow services. Bridge Bank is part of Western Alliance Bancorporation, which has more than $65 billion in assets and ranked #1 among top-performing large banks with assets greater than $50 billion in 2021 by both American Banker and Bank Director. As a regional bank with significant national capabilities, Bridge Bank delivers the reach, resources and local market expertise that make a difference for customers.