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.
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.
“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.”
