Capacity snags $38 million to automate mortgage help desk support

Capacity, a St. Louis-based startup that helps automate customer support desks for mortgage lenders and other businesses, closed a $38 million Series C funding round that it will use to expand its workforce and improve its platform.

Capacity announced a $13.2 million Series B funding round in August 2019, from a network of private and angel investors, including Rice Park Capital Management LP. The company said the latest round was led by existing investors and brings Capacity’s total raised to date to $62 million.

Founded in 2017 as Jane.ai, the company’s original mission was to help companies harness organizational knowledge to maximize employee productivity. After changing its name to Capacity in 2019, last year the company announced its entry into the support automation sector, helping businesses reduce the need for employees to respond to repetitive consumer requests. or manage routine business operations.

David Karandich

“Support automation is the next big step to help businesses do their best work and we’re building an AI-powered platform to meet the needs of our customers and their end users in this modern environment,” said David Karandish, co-founder and CEO of Capacity. , in a statement announcing the closing of the company’s Series C.

In December, Capacity launched what it claimed was the mortgage industry’s first helpdesk automation platform, able to “correctly and instantly” answer more than 90% of borrower questions without human intervention.

The company says its “no-code/low-code platform” is accessible through “conversational AI,” enabling “graceful human handoffs and intuitive task management through a powerful workflow automation suite, a robust development platform and a flexible database that can be deployed anywhere.”

Clients include American Pacific Mortgage, AmeriSave Mortgage Corp., CMG Financial, Family First Funding, Flagstar Bank, LeaderOne Financial Corp., Midland States Bank, Planet Home Lending, PRMG, Assurance Financial, US Bank and West Community Credit Union.

In addition to automated 24/7 support for borrowers, sales and operations, Capacity says it can provide automated onboarding support for newly hired sales and operations employees.

The capability itself currently has openings for nearly a dozen positions in engineering, sales, product and marketing, which allow employees to work remotely.

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