Tourmaline Labs, which is a San Diego-based an artificial intelligence technology company, today in a report has closed a funding round of $2M.
Some of the investors includeds Tech Coast Angels and Tech Coast Angels’ ACE Fund and ClearVision Equity Partners. The company has a plans to use the funds to build its sales and account management team, as well as sale up its proprietary technology.
The company which is founded and led by Marc Brungger, CEO, Tourmaline Labs is an Artificial Intelligence tech company that analyzes mobility data, such as speed and other sensor data, to provide smartphone-based solutions for large enterprise fleets via a pure SaaS model, which allows integration and management of third-party vehicles and operators.
“Our greatest limitation to growth is our sales and support efforts,” said Marc Brungger, CEO of Tourmaline Labs. “The funding will be used to build sales functions and account management teams to manage the opportunities and insights our technology offers to enterprise customers and prospects.”
“The AI technology is proven and the company already had a strong recurring revenue model in place,” said Rosenberg. “In addition to the technology, we were impressed with the management team and the results that they have already achieved. And it is always exciting to see how our investments in exciting local companies continue to enhance the entrepreneurial ecosystem throughout Southern California.”
“Another attractive aspect was the steady growth and traction that Tourmaline Labs was able to show us in the enterprise space,” said Phillips. “They already have an excellent customer base and I was also attracted to this deal because the executive team has a core strength in providing technology solutions in the automotive/telematics space.”
“Automobile technology will change more in the next five years than it has in the past 50 years,” concluded Brungger. “With TCA's advocacy and support, we now have the capital to help our customers adapt to these changes. And I am particularly excited that we were able to raise this funding locally, completely within Southern California.”
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