Sela AI Raises $21 Million for Mortgage Voice Agents

Sela AI announces in a press release $21 million in total seed and Series A funding, led by Costanoa Ventures, with participation from Emergence Capital. The company says its agents help loan officers originate more than $1 billion in new mortgages each month and that it reached more than $10 million in annualized run rate revenue within 18 months.

The voice agents answer borrower questions, explain lending products and connect borrowers with loan officers when needed. Sela says six of the ten largest independent mortgage banks use its technology.

In a test involving more than 10,000 prospective borrowers, Sela reported a 9% increase in the rate of leads converting to locked loans and more than 40% higher lender profit compared with the previous process. In another test involving more than 7,000 leads, Sela said its agents outperformed another voice AI product by 41% based on the same conversion measure.

Sela will use the funding to expand its team and develop agents for more parts of consumer finance. The San Francisco company has 17 full time employees and plans to increase its workforce to 50 over the next year.