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NEW YORK–(BUSINESS WIRE)–Bridge Bank announced today that it closed a $10 million credit facility back in October to fuel the growth of Xseal, a technology company that makes electric vehicle (EV) charging more reliable and accessible for developers and building owners, in addition to Owners EV.
Bridge Bank’s credit facility complements a $40 million Series B round also closed in October, led by Keyframe Capital, with additional participation from the following investors ArcTern Ventures, Moderne Ventures, Ramez Naam and Nekus Labs investor, Wind Ventures. and Alpaca VC.
“Xseal’s charging solution is an important step forward in supporting the booming electric vehicle industry,” said Lawrence Brent, assistant vice president in Bridge Bank’s technology banking group. “Xseal has an exciting business proposition that addresses several challenges: the expectation that developers and property owners will install EV chargers, the need for EV owners to find affordable, reliable charging stations, and the opportunity to help slow climate change through increased vehicle electric use.”
The size of the global electric vehicle market is projected to grow from 8.2 million vehicles in 2022 to 39.2 million by 2030, an annual growth rate of 21.7%, according to MarketsandMarkets analysis. As more electric vehicles hit the road, real estate developers are looking for ways to create the infrastructure necessary to meet tenant demand. Xseal’s patented technology, Apollo, is the first EV charging solution with distributed ledger-based technology that allows Xseal to deploy smart EV charging stations anywhere with 100% confidence for all smart functions, ensuring the driver is never left stranded . charger that is not working due to problems with central networking.
“Xseal has developed relationships with more than 80 major real estate companies, including Lincoln Property Company, NRP Group, Stoneweg and Harrison Street,” said Alexander (Zander) Isaacson, Co-Founder and Chief Executive Officer of Xseal. “This funding from Bridge Bank will strengthen Xseal’s funding position and support our work in continuing to build new relationships in the commercial real estate and electricity delivery industry across the country.”
About Xeal
Xseal is a hyper-growth technology startup based in New York. Xseal offers multifamily and commercial property owners and operators the ability to seamlessly install smart electric vehicle (EV) charging into their communities with little or no infrastructure upgrades. Customers manage these smart EV charging stations remotely via Xseal’s dashboard, providing real-time data on charging sessions, energy management, usage and revenue sharing. Xseal’s driver app uses token-based technology for electric vehicle drivers to gain reliable access to charging stations without relying on cellular or garage IT infrastructure. Through Apollo, a revolutionary distributed communications protocol, building owners can remotely control and monitor smart charging stations through a two-way management channel between user smartphones and EV chargers to establish a safer, more reliable and cost-effective way to stay connected. Xseal provides a fully self-sufficient smart charging experience for drivers, enabling 100% uptime, 50x faster processing speed and a frictionless user experience. Experience Kseal’s recent applications here or visit http://www.kealenergi.com for more information.
About Bridge Bank
Bridge Bank, a division of FDIC Member Western Alliance Bank, provides relationship banking that puts customers at the center of everything. Founded in 2001 in Silicon Valley, Bridge Bank offers a full range of customized business banking solutions throughout the Bay Area and has specialized expertise, focused on life sciences and technology and innovation, at every stage of their life cycle, through its offices in major technology centers across the country. Bridge Bank also serves the private equity and venture capital communities and provides business escrow services. As part of the $65 billion Western Alliance Bancorporation—ranked by American Banker and Bank Executive as the No. 1 performing large bank with assets greater than $50 billion in 2021—Bridge Bank has the reach, resources and deep industry knowledge to make a difference for clients. For more information, visit Bridge Bank.
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