cloudvirga, an Irvine, Calif.-based developer of cloud intelligent Mortgage Platform (iMP), raised $7.5M in series A funding.
The round was led by Dallas Capital with participation from Upfront Ventures and Tribeca Angels.
The company intends to use the funds to continue scaling its enterprise platform in the cloud and add key staff members for implementation.
Founded by Bill Dallas, Kyle Kamrooz, and Mark Attaway, cloudvirga provides a cloud-based intelligent mortgage platform designed to streamline the mortgage process by leveraging data and deploying an automated workflow to reduce cost, increase transparency, and shorten the time it takes to close a loan for both borrowers and lenders.
Since launching in August of 2015, the company has processed nearly $5B in loans.