Divergent Technologies, a Torrance, CA-based company that designs and builds vehicle structures, received a $47m term loan from Bridge Bank.
The new loan builds on Divergent’s existing relationship with Bridge Bank in conjunction with the company’s Series D equity financing round totaling $230m in November 2023.
The company intends to use the funds for continued growth.
Led by CEO Kevin Czinger, Divergent uses a data-driven approach to design and build vehicle structures with the Divergent Adaptive Production System (DAPS™), an end-to-end software-hardware production system for industrial digital manufacturing for automotive, aerospace and defense applications. DAPS optimizes designs, dematerializes structures, and eliminates upfront capex to improve the economics and environmental impact of manufacturing complex structures for vehicles of all types.
Commenting on the news, Kevin 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.”
FinSMEs
28/06/2024