iLearningEngines Gets Additional $20 Million Funding-December 2024-www.financetom.com

iLearningEngines Gets Additional $20 Million Funding

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iLearningEngines Gets Additional $20 Million Funding

Jul 3, 2024 6:30 AM

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."

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