EliseAI, a conversational AI communications platform for the housing sector, revealed on Wednesday that it has secured a Series D round of $75 million, increasing its valuation to over $1 billion. The proptech startup claims to be the newest unicorn in New York City in its announcement.
EliseAI’s CEO and co-founder, Minna Song, stated that the business will employ engineers and carry on developing new products with the help of the most recent funding.
“Our AI automates more than 90 percent of communication with renters across all communication channels, including email, text message, voice and web chat,” Song stated. “It handles everything from apartment searches and tours, to maintenance requests and lease renewals. This allows renters to receive immediate assistance and helps properties increase capacity.”
Over two million apartments nationwide are served by the generative AI of this Manhattan-based startup, which was founded in 2017 and employs fifty people, according to Song. Its clientele includes Asset Living, Avalon Bay, Bozzuto, and Greystar, accounting for 70% of the top 50 owners and operators of rental property.
All property kinds, including student and inexpensive properties, single-family, scattered-site, and typical multifamily buildings, as well as properties administered locally and centrally, are said to be compatible with EliseAI, making it the sole AI solution in the market.
Following a $35 million Series C round in 2023, EliseAI has seen rising demand, as evidenced by growth in yearly recurring revenue of more than 2.5 times. This leads to the Series D financing round.
“Housing is a basic need for all humans, and that’s why we all work in this industry, and why we’re focused on the residential sector,” Song added. “I think that it’s a really underserved market by technology and the importance of housing is why we need to focus on making it efficient. [Landlords] have major problems, so you need to provide something that is really solving the biggest operational challenges, the core day-to-day things that they need to get done, like keeping the lights on versus a lot of nice-to-have features. I think that’s been a big factor in why people have adopted us, especially in industries that don’t spend a lot on technology in general.”
EliseAI plans to use its technology to join the healthcare industry in an effort to expand on its success in residential real estate, according to Song.
According to Cathy Gao, a partner at Sapphire Ventures and a recent addition to the EliseAI board, “EliseAI’s multimodal AI platform has revolutionized customer interactions in the housing industry and we believe that it is setting the standard for how purpose-built AI can deliver clear, measurable results with high accuracy and compliance to industry regulations,” “I am thrilled to partner with Minna, Tony Stoyanov [co-founder and CTO] and their team as they continue to transform the housing industry and tackle other core industries like healthcare.”