San Francisco-based Snapdocs Inc. has announced that it has raised $25 million in its Series B round of funding. The round of funding was led by F-Prime Capital, Sequoia Capital, Freestyle Capital, and Founders Fund also participated in the round.
The fresh funding will help the real estate technology platform develop its artificial intelligence (AI) offerings and its platform. Post the funding, David Jegen from F-Prime Capital will join Snapdocs’ board of directors.
Snapdocs was founded in 2013 and helps thousands of mortgage professionals use its technology to automate digitization of the paper process. Snapsdocs’ platform is built on patented AI technology which greatly modernizes the mortgage process for lenders, borrowers, and settlement.
Aaron King, CEO of Snapdocs said: “This is a huge milestone for the Snapdocs team and towards delivering on our promise of a seamless digital real estate closing. It’s also a big milestone for our lender and title partners who are now trusting us with over 750,000 real estate closings a year. We do this for you, and this capital enables us to continue to scale our world-class team so we can build the technology you need to thrive in a digital age.”
The company has additionally also announced that it will be opening another branch in Denver, Colorado.