Startup Candor lands VC to expand its automated underwriting platform (by Alex Soderstrom)

Mortgage artificial intelligence startup Candor Technology Inc. will expand after snagging more than $12.5 million in a recent venture capital round.

The company, based in The Villages, raised $12.5 million in a Series A round that will enable the company’s patent-pending platform to analyze more types of loans, founder and CEO Thomas Showalter told Orlando Inno. Candor filed documents for the raise with the U.S. Securities and Exchange Commission on Aug. 18.

Candor’s AI-powered Loan Engineering System can conduct a credit risk assessment and make income, asset and lending decisions. The system makes decisions based on more than 37,000 “decision steps,” which are narrowly defined problems to which it can respond.

After this infusion of cash, Candor will grow its platform’s capabilities to include U.S. Federal Housing Administration and VA loans by the end of the year, Showalter said. Jumbo loans will follow, he added.