BlockGen Corp, a Camano Island, WA-based holding company for LendGenuity and Block+Sovrin, completed its first round of venture capital financing of Series A Preferred Stock.
Cavatina Capital LLC led the transaction alongside Charterhouse Strategic Partners.
Led by Nelson Haws, Founder and President, LendGenuity is a technology software provider to the US mortgage industry. newly released SAAS platform provides lenders a fully integrated end-to-end solution, sharing one data base across all origination components: a consumer portal (POS) empowering borrowers with control of the origination process, a loan origination system (LOS) based on sequential and dynamic task management to efficiently coordinate processing and closing functions and a fully customizable rules based product, pricing and decision engine (PPE) making credit risk management, interest rate risk management and best execution a frictionless process.
Led by Bill Roy Founder and President, Block+Sovrin is to launch a Mortgage Blockchain creating a virtual mortgage using a GSE compliant data structure, shared across all parties on the network through an all-digital technology platform with no single point of failure or lender claiming ownership of the blockchain’s contents.
The blockchain employs a combination of private key cryptography, database synchronization and encryption algorithms to form a trust system which begins with and ends with borrower control over data transmission, retrieval and direction. The company’s patented technology platform is pending consent from the US Patent Office. Creating personal financial sovereignty through the blockchain is Block+Sovrin.
Thomas C. Dircks, Managing Director of Charterhouse Strategic Partners, will become a member of BlockGen’s Board of Directors.