Capacity, a St. Louis-based startup that helps automate customer support desks for mortgage lenders and other businesses, has closed out a $38 million Series C financing round that it will use to expand its workforce and enhance 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 the total raised by Capacity to date to $62 million.
Founded in 2017 as Jane.ai, the company’s original mission was to help companies mine organizational knowledge to maximize employee productivity. After rebranding from as Capacity in 2019, last year the company announced its entry into the support automation business, helping companies reduce the need for employees to respond to repetitive consumer inquiries or manage routine business operations.
“Support automation is the next big thing in helping businesses do their best work and we are building an AI-powered platform to meet the needs of our customers and their end-users in this modern environment,” Capacity cofounder and CEO David Karandish said Wednesday, in a statement announcing the closing of the company’s Series C round.
In December, Capacity launched what it claimed was the first helpdesk automation platform for the mortgage industry, capable of “correctly and instantly” answering over 90 percent 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 via a powerful workflow automation suite, a robust developer 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 24/7 automated support for borrowers, sales and operations, Capacity says it can provide automated onboarding support for newly hired sales and operations employees.
Capacity itself currently has openings for nearly a dozen positions in engineering, sales, product, and marketing, which allow employees to work remotely.
Get Inman’s Extra Credit Newsletter delivered right to your inbox. A weekly roundup of all the biggest news in the world of mortgages and closings delivered every Wednesday. Click here to subscribe.
Email Matt Carter