SAN FRANCISCO—This week, States Title closed a Series Cfinancing round of $123 million led by Greenspring Associates inresponse to an unprecedented shift in the real estate industry'sstructural foundation and future economic uncertainty. StatesTitle's patented technologies enable the use of data science tocreate predictive title insurance based on an assigned riskscore.

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This indicates how safe a property is from liens or liabilities,helping to achieve faster title processing and more efficientunderwriting. The firm says it is applying "modern-day technologyto ancient title and escrow processes to provide an instantcustomer closing experience, enable mortgage originators andRealtors to be more efficient, and lower costs for everyoneinvolved".

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"The most pressing need in our industry right now is to removefriction and cost from mortgage closings, and to do so withsolutions that can deliver fully remote, instant digitalexperiences," said Max Simkoff, founder and CEO of States Title."We are committed to further investment in our patented,industry-leading machine intelligence platform to support the goalof providing an instant closing experience at a lower cost. Rightnow we are witnessing an unprecedented shift in the structuralfoundation of the real estate industry, and this new funding willallow States Title to provide enhanced support for lenders, realestate agents and homeowners, as well as provide a solid foundationfor continued technological investment in the face of futureeconomic uncertainty."

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Greenspring Associates, a venture capital investment platformwith more than $10 billion in assets under management, led theround with significant investments from new investors HorizonsVentures, Eminence Capital and HSCM Bermuda. All of States Title'sprevious investors also participated in this round of financingincluding a large investment from Foundation Capital, andadditional investments from Assurant, FifthWall Ventures, LennarVentures and SCOR Global P&C Ventures.

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"Traditionally, this process has been done by people, manuallysearching through lender and county records," Simkoff tellsGlobeSt.com. "Our algorithm can reduce a two to four day titleunderwriting process down to just seconds. Because the process ismore efficient and can move faster, it reduces cost and allows agreater number of deals to move forward to close, versus gettingstuck or delayed and ultimately abandoned."

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States Title's clients include one of the top two largest banklenders and two of the top 10 largest non-bank lenders. The companyacquired North American Title Company and North American TitleInsurance Company in early 2019. The firm grew transaction volumeby 100 times from 2018 to 2019 and the combined business has closedor issued insurance policies for nearly half a million real estatetransactions in the past year. States Title's team consists ofnearly 1,000 data scientists, engineers, product managers andoperations associates throughout the country.

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"States Title has developed an automated, patented technologythat streamlines the laborious title and escrow process, emergingas the market leader in an industry that historically lacksmeaningful innovation," said Jim Lim, managing general partner ofGreenspring Associates. "We are thrilled to support States Title asthey advance the vision of an instant mortgage that closes with onetap. Especially in the current economic climate, the mortgageindustry needs to be re-imagined with transformative technologicalsolutions to reduce costs and improve the customer experience.States Title is leading the vanguard of this transformation."

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Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.