EliseAI, the largest and most advanced conversational AI platform for the housing industry, announced a Series D funding round of $75 million at a valuation of over $1 billion. Sapphire Ventures led this round, which included existing investors Navitas Capital, Point72 Private Investments, DivcoWest Ventures, and Koch Real Estate Investments.
Launched in 2017 by Minna Song (CEO) and Tony Stoyanov (CTO), EliseAI is driven by its goal to transform industries that are fundamental to our lives. Already the leader in automating the housing sector through AI, EliseAI expanded into healthcare in 2023. The company uses AI to increase the ability of these sectors to serve more people and to elevate the quality of the service they provide to consumers, enhancing the lives of millions.
This funding round comes as EliseAI has seen accelerating growth at scale and tremendous momentum across its business, with proof-points of success including:
– Growth in Annual Recurring Revenue of more than 2.5x since its Series C last year;
– Partnering with 70% of the top 50 multifamily owners and operators and leading single-family rental companies;
The company’s customers include Bozzuto, AvalonBay, Equity Residential, Invitation Homes, and Asset Living rely on EliseAI to enhance operational efficiency, increasing their capacity to deliver better service to more people at a lower cost. And the company is active in 1 out of every 12 multifamily apartment units in the U.S.
EliseAI is the largest AI-native company, serving millions of rental units nationwide. And the company’s complete AI platform automates property workflows and communications with renters throughout their entire journey:
– LeasingAI manages all prospects 24/7/365 resulting in 125%+ greater lease conversion with 90%+ of work automated;
– ResidentAI manages all resident communications, resulting in 40%+ greater engagement, a 50%+ reduction in delinquencies, and a 15-day acceleration in renewal notices;
– EliseCRM, the industry’s most advanced CRM, is free and is a hub for all prospect and resident information, workflows, and reporting;
– All products are delivered with full AI over email, SMS, webchat, and voice. And Elise offers the only true VoiceAI in the industry with real-time human-like replies to any question.
EliseAI is the only AI product in the space to work with all property types, from conventional multifamily to scattered site and single-family properties, student and affordable properties, and properties managed both locally and through centralization.
The company also brought its technology to healthcare in 2023 and now serves several leading providers with its HealthAI offering to automate non-clinical tasks, including patient conversations, appointment scheduling, and billing and payments. HealthAI handles 95% of patient inquiries 24/7/365 with no wait time. EliseAI integrates with leading EHR, PMS, and RCM solutions to ensure a seamless experience with full HIPAA and SOC2 Type II compliance.
The company is also seeing extraordinary demand for its innovative technology in both industries and is one of the few vertical-focused AI companies operating at scale. And EliseAI will use the proceeds from the funding to continue to rapidly expand its team, invest in continued product innovation, and build its leading portfolio of industry partnerships that enable it to work effectively with other products and systems to maximize value.
KEY QUOTES:
“Essential industries like housing and healthcare are facing serious operational challenges and financial strain. Our mission to tackle these problems authentically resonates with everyone at our company. We are committed to improving how these industries operate, making them more sustainable and accessible. We are excited to partner with the Sapphire Ventures team given their track record of working with B2B software companies to achieve extraordinary success.”
- Minna Song, Co-Founder and CEO of EliseAI
“EliseAI’s multimodal AI platform has revolutionized customer interactions in the housing industry, we believe 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, and their team as they continue to transform the housing industry and tackle other core industries like healthcare.”
- Cathy Gao, Partner at Sapphire Ventures and new EliseAI board member
“Partnering with EliseAI has transformed our community operations by boosting lead conversion and operational efficiency. Their technology not only increases conversion rates and saves time but also provides detailed metrics and reporting across all our communities. Their suite of tools enhances daily operations and provides personalized lead nurturing, meeting the immediate needs of prospects and residents with their innovative AI, ensuring our ongoing success.”
- Faith Duplantis, Senior Marketing Manager at Asset Living
