SoftWorks AI (SoftWorks), provider of the Trapeze intelligent mortgage automation platform, has closed of a minority growth investment led by Long Ridge Equity Partners (Long Ridge), a private investment firm focused on the financial and business technology sectors.
CBC Companies (CBC), a holding company whose subsidiaries include Factual Data, DataVerify and Byte Software, also participated in the round. The investment will enable the Company to continue to expand its technological leadership and footprint in this important market.
“SoftWorks has consistently been at the forefront of AI-based mortgage automation, and our partnership with Long Ridge and CBC will allow us to accelerate the development of our solutions to support real-time loan decisioning while also expanding our reach across the mortgage lifecycle,” says Ari Gross, Founder and CEO of SoftWorks AI. “We are excited to continue to lead the digital transformation of mortgage and consumer lending by serving the various participants in such a large and vibrant market.”
Trapeze, SoftWorks’ document processing technology platform, applies advanced computer vision, AI and machine learning to enable touchless mortgage automation, including classification of documents, extraction of critical information for downstream processing, and cross-validation for data consistency with industry-leading speed and accuracy. Born from a university Computer Perception & AI Lab, SoftWorks leverages decades of experience solving complex automation challenges to help mortgage companies get ever closer to real-time lending and remain competitive amidst shrinking turnaround times, rising consumer expectations, and shifting loan volumes.
“With recent major customer wins and an industry-leading product offering, SoftWorks is well-positioned to drive the modernisation of an industry that relies heavily on document-based workflows,” says Kevin Bhatt, Managing Partner at Long Ridge. “Given its solution, pipeline, and most importantly, people, SoftWorks is primed for continued expansion in both mortgage lending and other document-intensive segments of the financial services industry.”
As part of the investment, Kevin Bhatt will join the SoftWorks’ Board of Directors.
