Auto repair estimation software developer Estify has raised $6.3 million in new financing from two private equity firms.
The Agoura Hills company received money from Romulus Capital, in Cambridge, Mass., and ff Venture Capital in New York.
Estify develops software that automates the estimation process for car repair shops so they don’t have to type in information multiple times for various insurers.
Romulus Partner Neil Chheda said that technology available to car repair shops has not kept up with the complexity of repairing vehicles damaged in accidents.
“The lack of data-driven accuracy in this industry costs lives and billions of dollars,” Chheda said in a prepared statement. “This problem must be solved, and Estify’s team and technology is uniquely positioned to solve it.”
Romulus and ff Venture previously invested $1.5 million into Estify in October 2014 to bring the software to market.