Tuesday, October 20, 2020

Zest AI Finds $15M More

Los Angeles-based software developer Zest AI has raised $15M in funding from Insight Partners, to go towards its credit underwriting software, the company announced this morning. According to Zest, the funding will go towards acceleration of adoption of its products, including growth, innovation, and customer success efforts. Zest AI develops AI-based credit underwriting software, which goes beyond traditional credit scores, to help identify good borrowers; according to Zest, the company's machine learning helps in particular with overcoming biases in current credit scores, and increases approval rates for applicants of color. As part of the new funding, MD Lonne Jaffee of Insight Partners joins the company's board, with Jon Rosenbaum joining as a board observor. Zest AI's other investors include Matrix Partners, Lightspeed Capital, and Upfront Ventures. The company is led by CEO Mike de Vere. More information »

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