Blooma, a San Diego, CA-based company that automates AI-driven decision making to reduce the time, cost and risk associated with commercial loan origination, raised $2.75m in seed funding.
The round was led by Floodgate, with participation from Abstract Ventures, Crescent Ridge Partners and Serra Ventures. Arjun Chopra, Partner at Floodgate, has taken a board seat.
The company intends to use the funds to round to further build out its engineering, operations, product, marketing and sales infrastructure, moving toward scaling the business for accelerated growth.
Led by Co-founder and Chairman Michael Persall and Co-founder and CEO Shayne Skaff, Blooma offers an AI-driven platform designed to take commercial lenders from the point of the borrower’s request all the way to the credit memo stage without manual intervention. Target customers 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 platform to these lenders, enabling customization that meets each customer’s precise requirements for borrower profiles, compliance preferences, sales pipeline management and more.
The platform, which launched its first production module in May 2019, has allowed early users to reduce loan origination time and costs by as much as 75%.
Until now, Blooma has been self-funded through both Mooring Ventures, Skaff’s boutique investment firm, and ABP Capital, Persall’s privately capitalized financing company.