Sela Raises $21M for Voice AI Agents in Mortgage Sales
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Sela has announced $21 million in total funding across its Seed and Series A rounds. Costanoa led the financing, and Emergence Capital participated.
The company is headquartered in San Francisco. It builds voice AI agents for mortgage sales and consumer lending. Those agents now help loan officers originate more than $1 billion in new mortgages every month, and Sela passed $10 million in annualized run-rate revenue within 18 months.
The new money will go toward growing the team and continuing to build agents that walk borrowers through the full consumer finance journey. The California startup has 17 full-time employees today and expects to reach 50 over the next year, hiring across product, engineering and go-to-market roles.
Sela’s agents answer complicated questions, build rapport, educate borrowers and hand off to a loan officer when a human is needed. The system has been shaped by hundreds of optimizations and A/B tests with the goal of maximizing conversion. Sela designs, runs and keeps improving the agents for each lender, and it measures success by borrowers reached, productive conversations held and loans closed rather than by minutes used.
Large lenders usually A/B test Sela against their existing setup before a wide rollout. In one test covering more than 10,000 prospective borrowers, Sela lifted lead-to-lock rates by 9%, which translated into more than 40% higher profit for the lender compared with its existing process. In a separate test with a top-five mortgage servicer, Sela beat another voice AI product by 41% on a lead-to-lock basis across more than 7,000 leads.
Nate Becker and Vahe Tshitoyan founded the company. Becker previously co-founded VoiceOps and worked as a data scientist at LinkedIn, while Tshitoyan was a senior machine learning engineer and tech lead at Google.
Vendors selling to lenders, mortgage tech providers and other financial services startups can get verified contacts at newly funded companies each week through FinTech Lead Generation.
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