Investor 8VC led the capital raise. Other existing investors also participated, including Menlo Ventures, Meritech, Khosla Ventures and Fifth Wall. 

The San Francsico-based Polly said the new investment will enable the company to expand operations in addition to research and development capabilities. The company also said the additional capital will go towards product innovation, including evolution of the Polly AI platform. New generative AI capabilities will be part of that platform's buildout.

The company said it expects to expand internal teams by at least 25% in short order to support growth. 

This calendar year, Polly increased lock volume by over 150% and has more than doubled its customer partner base, according to its press release. 

"8VC recognized early on that Adam and his team had developed a superior and next-generation pricing engine, a platform that was going to truly transform the mortgage capital markets space," said Alex Kolicich, Founding Partner at 8VC. 

"Polly's success has far exceeded our expectations, and that is due in large part to their team's vision, ambition, and strong execution," Kolicich added.

In 2022, the company completed a $37 million Series B funding round, which also involved 8VC, Khosla Ventures and Fifth Wall. 

Following that round, Polly recruited major industry heads to its board of directors, including former Ellie Mae CEO Jonathan Corr and Andrew Bon Salle, who previously was an executive vice president at Fannie Mae.

Also that year, the company completed a $37 million Series B funding round, which also involved 8VC, Khosla Ventures and Fifth Wall. 

That followed a second Series A round of $15 million, which included Menlo Ventures. 

Polly, which launched in 2019, offers a product and pricing engine for secondary market lenders as well as loan-trading exchange and data analytics services, employing artificial intelligence and cloud native software.