Blooma, a company that automates AI-driven decision-making to reduce the time, cost and risk associated with commercial loan origination, today launched a mission to transform lending experience for commercial and private lenders and other organizations. Blooma also announced the completion of $2 funding $75 million As the first out-of-seed round of the company, the funding will be used to further develop the company’s engineering, operations, product, marketing and sales infrastructure, and to expand the business for accelerated growth.
Floodgate, based in Palo Alto, California. , led the funding Abstract Ventures, Crescent Ridge Partners and Serra Ventures are also invested. Arjun Chopra, Partner at Floodgate, sat on the Board of Directors, joining Blooma Co-founder and Chairman Michael Persall and Co-Founder and CEO Shayne Skaff on the Board of Directors.
Blooma, which launched its first production module in May 2019, offers the first AI-driven platform designed to take commercial lenders from the borrower’s request to the credit memo stage without manual intervention. Early users of the platform have been able to reduce the borrowing time and costs by as much as 75%.
“The Blooma Platform improves the profitability of lending and quickly aligns lenders with the desired borrower profiles, enabling them to make better decisions and speed up the overall origination process, from prioritizing the right deals, creating configurable workflows and risk settings, to driving simplicity and productivity at every stage of the complex commercial lending process,” said Skaff. “In early use cases, our commercial lending clients are experiencing significant improvements in time to revenue. “That’s right.
Blooma’s target clients include lending organizations, such as commercial and private banks, with $1 billion or more in commercial real estate assets. The company aims to license the Blooma platform to these lenders, enabling customization that meets the specific requirements of each customer for borrower profiles, compliance preferences, sales pipeline management and more.
“We’re excited about our recent implementation of Blooma. The ability to manage our loan pipeline in a more efficient and automated way leads to better, faster decision-making, resulting in improved overall experience for our customers and a healthier credit quality for the bank,” said A. J. J. Moyer, C3bank CEO “The asset valuation module is also a real game changer for our underwriting process. The ability to get instant feedback on commercial real estate valuations early in the underwriting process will allow us to make better lending decisions across the organization, resulting in higher quality loans and overall profitability for the bank. “That’s right.
Experienced Team Leadership
As Founder and Chairman of ABP Capital and C3bank, Persall has extensive experience in commercial lending. A successful technology entrepreneur, Skaff spent more than 10 years as co-founder and president of MaintenanceNet, Inc. , a software platform provider that automated how companies managed and traded annuities. He sold MaintenanceNet successfully to Cisco Systems, Inc. In the year 2015 The Executive Management Team is rounded off by Chief Technology Officer Shy Blick, a successful technology pioneer and skilled entrepreneur with a 28-year track record in delivering big data, AI and machine learning systems, as well as a long history of collaboration with Skaff
Chronology of Launch
Until now, Blooma has been self-funded through Mooring Ventures, Skaff’s boutique investment firm, and ABP Capital, Persall’s privately-capitalized financing company. The idea behind Blooma began with Persall, who approached Skaff to help build a platform to automate his commercial loan origination business. After months of evaluation, research, technology and market analysis, Skaff agreed to build the SaaS platform through The Sandbox, an incubator and accelerator organization founded in 2017 to foster innovation for AI and machine learning technologists.
Watch the video of Blooma for more information on the company’s start-up story.
About Blossom
Founded in 2018 and based in San Diego, Blooma operates a faster, smarter and more profitable business lending experience using an automated AI-driven platform. Blooma reduces commercial borrowing time and costs by as much as 75% and significantly improves revenue time for private and commercial banks and other lending organizations. More information can be found at http://blooma AI/Ai
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