09:02 AM EDT, 07/03/2024 (MT Newswires) -- iLearningEngines (AILE) said Wednesday that it has amended a loan deal it signed in April to obtain $20 million in additional funding.

The loan agreement included a three-year revolving credit facility worth up to $40 million, which the company said was fully drawn. The deal allowed iLearningEngines to increase the revolving commitments by an additional $20 million, according to the company.

The company said the full $20 million accordion was drawn on June 28.

Chief Executive Harish Chidambaran said the funding is intended to help the company "execute all aspects of our growth plans."