NEW YORK, Aug. 10, 2021 (GLOBE NEWSWIRE) -- SoftWorks AI (“SoftWorks” or the “Company”), provider of the Trapeze intelligent mortgage automation platform, today announced the close 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,” said 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 modernization of an industry that relies heavily on document-based workflows," said 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.
About SoftWorks AI
Born from the Computer Perception & AI Lab at the City University of New York, SoftWorks AI is a provider of intelligent mortgage automation solutions. Leveraging its rich expertise in computer perception, advanced document understanding, and AI technologies, the Company has built a robust platform that readily transforms raw, unstructured data into intelligent, actionable information. Trapeze can perform complex knowledge work with the data it extracts to accelerate and, in some cases, automate the labor-intensive analysis required to decision a loan. For more information, please visit www.softworksai.com.
About Long Ridge
Founded in 2007, Long Ridge Equity Partners is a private investment firm focused on the financial and business technology sectors. Leveraging deep sector knowledge and an extensive network of industry resources, Long Ridge serves as a value-added partner to high-growth businesses. Since its founding, Long Ridge's principals have sponsored some of the most successful growth companies in the financial and business technology sectors, providing leading management teams with partnership, strategic resources, and capital to drive profitable expansion. Long Ridge manages over $1 billion of committed capital. For more information on Long Ridge Equity Partners, please visit www.long-ridge.com.
About CBC Companies
Founded in 1948, CBC Companies consists of businesses that primarily serve the mortgage and lending industries. The business is headquartered in Columbus, Ohio, with operating entities including Factual Data, DataVerify, Byte Software, Innovis, and AmRent operating across the United States. CBC’s portfolio of companies boasts data repositories spanning the mortgage and credit markets in addition to hundreds of proprietary integrations across the broader credit ecosystem.
Contact
Jeremy Milner
BackBay Communications
(401) 862-9422
jeremy.milner@backbaycommunications.com
