SAN FRANCISCO--(BUSINESS WIRE)--Bridge Bank announced today that its Technology Banking Group has closed a $47 million term loan with Divergent Technologies Inc. to support the company’s continued growth.
Torrance, California-based Divergent uses a data-driven approach to design and build vehicle structures with the Divergent Adaptive Production System (DAPS™), the world’s first end-to-end software-hardware production system for industrial digital manufacturing for automotive, aerospace and defense applications.
The new loan builds on Divergent’s existing relationship with Bridge Bank in conjunction with the company’s Series D equity financing round totaling $230 million in November 2023.
“Bridge Bank is proud to be Divergent’s banking partner as it continues to create new frontiers in vehicle design and production,” said Mike Lederman, senior managing director in Bridge Bank’s Technology Banking Group. “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.”
Echoing this sentiment, Divergent CEO Kevin Czinger emphasized the positive impact the loan will have on the company’s future.
“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.”
Bridge Bank’s Technology Banking Group supports technology companies at all stages of their life cycles with customized banking services and credit solutions to help them navigate the rapidly changing environment.
About Divergent 3D
Divergent has created the world’s first end-to-end software-hardware production system for industrial digital manufacturing – the Divergent Adaptive Production System (DAPS) – allowing customers to design, additively manufacture and automatically assemble complex structures for automotive, aerospace and defense applications. DAPS transforms the economics and environmental impact of manufacturing complex structures for vehicles of all types by optimizing designs, dematerializing structures, and eliminating upfront capex. For more information, please visit www.divergent3d.com.
About Bridge Bank
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 commercial banking solutions, as well as 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 $70 billion in assets. Major accolades include being ranked as a top U.S. bank in 2023 by 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. For more information, visit Bridge Bank.
