Espresso Capital provides App Orchid with $7.5 million credit facility
Sacramento, CA — October 13, 2022 — Espresso Capital announced today that it has provided App Orchid Inc., a platform that helps enterprises build AI fueled apps for the energy and utilities industries, with a $7.5 million credit facility. The company will use the funds to increase revenue and drive growth.
“We’re delighted to be partnering with Espresso to help build out our sales efforts, accelerate our customer acquisition strategy, and grow our revenue,” said App Orchid CEO Vaibhav Nadgauda. “Their non-dilutive capital is a great complement to equity that gives us the flexibility we need to grow the business in a way that makes sense for us.”
App Orchid has been gaining considerable traction in the market in recent months. The company’s platform offers customers a proprietary combination of AI and ML tools that allow them to build enterprise-grade applications in weeks, rather than months or years.
“App Orchid’s software has the potential to become a core element of the operating platforms that utilities and other enterprises rely on,” said Espresso Executive Director, Eric So. “In addition to seeing strong validation of its technology among its initial customers, the company has good visibility on a path to rapid growth as well as deep support from existing investors.”
“We’ve known Espresso for a long time,” Nadgauda continued. “At every step along the way, it’s been clear that they understand our business and how we’re positioned in the market, and that we’re aligned on long-term goals. That’s given us a lot of comfort that we’re working with the right partner.”
“We’re delighted to be partnering with Espresso on another transaction,” said Lokesh Sikaria, Founder and Managing Partner at Moneta Ventures, one of App Orchid’s existing investors. “Their non-dilutive financing has helped position the App Orchid team for further growth, while maximizing their strategic flexibility.”
About App Orchid
App Orchid is an AI-platform that helps companies build AI-powered applications for heavy asset industries such as energy and utilities. The App Orchid platform provides customers with a proprietary combination of AI/ML tools such as deep learning and natural language processing, no-code/low-code app and model development, and industry-specific knowledge graphs, to build enterprise-grade applications in weeks, not months or years. App Orchid helps its customers achieve their digital transformation objectives through rapid deployment, exceptional time-to-value, and minimum disruption across their organization.
About Moneta Ventures
Moneta Ventures is an early-stage venture capital firm that invests in B2B technology companies. The investment team is based along the West Coast and Texas, and the firm’s investments are primarily located across those geographies as well. Prior to founding Moneta, the Partner team worked together for over two decades, starting and scaling high-growth operating companies. The Moneta team takes a hands-on approach to investing, striving to add significant value to our portfolio companies above and beyond capital investment.
About Espresso Capital
Espresso empowers companies with innovative venture debt solutions. Since 2009, we’ve helped more than 300 technology companies and their investors accelerate growth, extend runway, and increase strategic flexibility with non-dilutive capital. Learn more at espressocapital.com.