Bridge Bank announced that its Technology Banking Group announced it has closed a $47 million term loan with Divergent Technologies to support the company’s continued growth. Divergent utilizes a data-driven approach for designing and building vehicle structures with the Divergent Adaptive Production System (DAPS) – which is the world’s first end-to-end software-hardware production system for industrial digital manufacturing for automotive, aerospace, and defense applications.
This new loan builds on Divergent’s existing relationship with Bridge Bank and was made in conjunction with the company’s November 2023 Series D equity financing round, which totaled $230 million.
Bridge Bank’s Technology Banking Group supports technology companies within all the stages of their life cycles with customized banking services and credit solutions to help them navigate the rapidly changing environment.
KEY QUOTES:
“Bridge Bank is proud to be Divergent’s banking partner as it continues to create new frontiers in vehicle design and production. We believe in their vision and transformative approach to industrial manufacturing. This loan reflects our team’s ongoing commitment to banking relationships with forward-thinking companies like Divergent.”
- Mike Lederman, senior managing director in Bridge Bank’s Technology Banking Group
“This loan adds significant flexibility for Divergent to continue to grow and innovate,” Czinger said. “We appreciate our strong relationship with Bridge Bank and its bankers, who actively demonstrate their understanding and confidence in our vision and capabilities. We are excited to accelerate our development and expand our operations as we continue to lead in our industry.”
- Divergent CEO Kevin Czinger
