Billee Technologies, a utility management platform, has completed its Seed financing round, raising $9.15 million, led by strategic investors including RET Ventures. Founded by industry veteran John Hinckley, Billee aims to transform utility billing for the multifamily sector by using artificial intelligence (AI) and automation to improve outdated workflows, eliminate manual processes, and ensure accurate billing.
Traditional utility billing methods in multifamily properties often rely on spreadsheets and untrained staff, leading to frequent errors and compliance issues. Billee addresses these challenges by streamlining data ingestion, detecting billing anomalies, and ensuring regulatory compliance. Its AI features also provide real-time resident support and intelligent bill audits for a more transparent billing process.
The platform is already in use across various multifamily properties, yielding up to 52% in cost savings. Notably, Billee identified a critical billing error that had gone undetected for over three years, resulting in nearly $240,000 in annual savings.
With a founding team experienced in building proptech solutions, Hinckley previously founded Modern Message, which was acquired by RealPage. Many senior leaders from his past ventures have joined Billee, bringing valuable operational expertise and a commitment to innovation.
How the funding will be used: Billee plans to utilize this capital injection to expand its research and development team and further refine its core platform.
KEY QUOTES:
“At a time when multifamily owners and operators are navigating staffing challenges and ongoing economic pressures, the last thing they need is foregone revenue due to utility billing inaccuracies. At Billee, we’re using the latest AI-driven technology to modernize one of the most frustrating areas of property management. Partnering with RET Ventures is a major milestone as we continue our growth, and their investment and deep industry ties will help us scale faster and bring even greater intelligence and efficiency to utility billing.”
John Hinckley, CEO of Billee Technologies
“At RET Ventures, we’re focused on backing innovation that directly addresses the real challenges property owners and operators face daily. Utility billing has suffered from a lack of innovation for far too long, and Billee is stepping in to change that with advanced analytics that empower owners to proactively recover lost revenue, make better use of onsite teams and deliver a smoother resident experience – rather than simply react to problems when they occur. John and the Billee team’s track record speaks for itself, and we’re proud to support their vision and accelerate their impact across an industry ready for transformation.”
John Helm, Partner at RET Ventures
