The company, which operates under the brand BBC Easy, was founded by James Walter and Corey Ross in August 2010. Walter spent seven years at Microsoft working on Xbox and Windows 7. Before that, the computer science grad from the University of Alaska ran the engineering and IT groups for the venture-backed startup MidStream Technologies. Ross is a former vice president at Banner Bank and Bank of America.
Also on the team are Joe Donahue, a former Microsoft and Amazon.com manager, and Gregg Blodgett, the former chief financial officer at Twisted Pair Solutions and Midstream Technologies.
Booyami says it is “revolutionizing the banking industry” — commercial lending specifically — with a way to eliminate the pain for borrowers dealing with banks that track their collateral. The system is designed to automate what’s known as Borrowing Base Certificates.
“BBC Easy automates Borrowing Base Certificates by eliminating printing, scanning, faxing, and providing bankers with electronic data via graphs & trends,” the company writes in a description. “Borrowers submit a BBC in a single click, as the system calculates and prepares the BBC for them saving massive time and pain.”
You can check out more in this video:
UPDATE: Here’s more from Walter: “We’ll use the money for additional key hires, to secure patents, and build additional products to help the commercial lending industry. Our customers love the product and I’ve never seen a product that sells itself so well.”
Investors in the round include Seattle area angels from the technology and banking industries.