Proptech Firm EliseAI Reaches Unicorn Status With $75M Series D

With its latest funding round, rental and healthcare proptech company EliseAI has reached a $1B valuation, making it a unicorn company.

Bisnow/created with assistance from Microsoft Copilot
Eliseai's Valuation At $1B During Its Latest Round Of Fundraising Makes It A

The New York-based company — which provides artificial intelligence-powered chat and administrative duties for rental and healthcare properties — raised $75M in a Series D round, it announced Tuesday.

The Series D round was led by Sapphire Ventures with additional investment from standing investors Navitas Capital, Point72 Private Investments, Divco West and Koch Real Estate Investments.

With the latest influx of capital, EliseAI plans to focus on building more products, expanding its team and penetrating deeper into the world of healthcare AI, EliseAI CEO Minna Song told Bisnow in an interview.

Even two years into a venture capital funding downturn, AI is an enticing sector, she said.

“Obviously, AI is a big area of investment because it gives us a new technology that is a great tool to solve problems we could never solve with traditional software before," Song said.

But more than that, she said the company — which has been around since 2017 — has had time to see results.

EliseAI CEO Minna Song.
Courtesy of EliseAI
EliseAI CEO Minna Song

“We have a large business now,” Song said. “It's real revenue. It's not sort of an idea. We've been around for seven and a half years and we're a growth-stage company. Where a lot of AI companies have sort of started in the last year or last six months, we’ve been AI first from the very beginning.”

EliseAI’s latest raise was more than double its previous round. Its Series C, which closed last summer, totaled $35M, led by Point72 Private Investments. Since that round, the company has increased annual recurring revenue by more than 2.5x and doubled its staff, Song said.

The company offers text and voice AI services like scheduling leasing tours, reminding residents when rent is due, booking doctor visits, taking payments and answering questions.

EliseAI launched with a mission to increase housing affordability by cutting personnel costs and increasing efficiency for owners. It operates in millions of residential units owned and operated by hundreds of operators, companies like AvalonBay, Bozzuto, Equity Residential and Invitation Homes.

It used the funds from its Series C round last year to dive into the healthcare sector. The AI now operates within dozens of healthcare networks, Song said. At this point, it solely works with specialists, like dermatology, gastroenterology and behavioral health. But the long-term vision is to expand to hospital systems as well.

Within healthcare, EliseAI can perform non-clinical tasks like appointment scheduling, billing and payments.

“I think we can leave a similar sort of impact that we have in the housing industry,” Song said. “It's challenging in its own ways, but it's also a really important industry.”

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's National Newsletters
Related Stories

Office Revenues Are Failing To Keep Pace With Expenses

HPP, Blackstone Nab Extension On $1.1B Loan Tied To 2.2M SF Hollywood Portfolio

BMO Executive Named New CEO At CREFC

Traders Bet On A Rate Hike From The Fed After Inflation Report Climbs Higher

Why The Next Generation Of Data Centers Will Require More Battery Options

Former CBRE Exec Suing Brokerage Giant Over Age Discrimination, Whistleblower Complaint

Limekiln Sells Stake In Multifamily Lender MF1 To Berkshire Residential

Starbucks Spending $1B To Turn Cafés Into Community Lounges

Stephen Curry Sells Planned HQ Site Near Warriors' Arena

Data Center Demand Has Made IOS An Institutional Capital Playground

Healey's New Data Center Rules Make Massachusetts A Tough Sell For Developers

Report Finds Hybrid Work Creates New Opportunities For Women In Real Estate