iLearningEngines, Inc. Announces Additional Funding in Connection With Its Business Combination; Brings Gross Proceeds to Approximately $92.8 Million
Summary
iLE Holdings drew the full $40 million at closing, a portion of which was used to repay in full iLE Holdings term loan credit facilities with Venture Lending & Leasing IX, Inc. and WTI Fund X, Inc.We are pleased to have raised approximately $92.8 million in gross proceeds during our successful go public process, and this additional funding will help us to execute on our growth plans going forward, said iLearningEngines CEO Harish Chidambaran.About iLearningEngines iLearningEngines is a leading cloud-based, AI driven mission critical training platform for enterprises. The intense demand for scalable outcome-based training has led to deployments in some of the most regulated and detail-oriented vertical markets, including Healthcare, Education, Insurance, Retail, Oil & Gas / Energy, Manufacturing and Government. iLearningEngines was founded by Harish Chidambaran in 2010, with headquarters in Bethesda, MD and offices in Dubai, UAE, and Trivandrum, Pune and Kochi, India.Forward-Looking StatementsCertain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995 with respect to the Business Combination. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the iLearningEngines management and are not predictions of actual performance. In addition, forward-looking statements reflect iLearningEngines expectations, plans, or forecasts of future events and views as of the date of this communication.