Long Ridge Equity Partners, a private investment firm focused on the financial and business technology sectors, has made a minority growth investment in SoftWorks AI, provider of the Trapeze intelligent mortgage automation platform. CBC Co., a holding company whose subsidiaries include Factual Data, DataVerify and Byte Software, also participated in the round.
“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.
“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, Bhatt will join the SoftWorks’ board of directors.