EliseAI, a startup focused on AI-driven property management solutions, has secured $75 million in a Series D funding round, valuing the company at $1 billion.
Founded by Minna Song and Tony Stoyanov, who met during their undergraduate studies at Cambridge, EliseAI was born from Song’s firsthand experience with inefficiencies in the property management industry. After relocating to New York City and working as an administrative assistant in a residential real estate firm, Song recognized the toll that communication-related inefficiencies were taking on property management teams.
To address these challenges, Song and Stoyanov launched EliseAI in 2017. The company’s AI-powered chatbots are designed to handle various tasks, such as responding to renter inquiries, scheduling apartment tours, processing maintenance requests, and managing lease renewals. These chatbots are trained on internal data generated from interactions with both prospective and current tenants. According to Song, EliseAI does not use external data sources, which allows the company to maintain strict control over the data they utilize.
Regarding privacy concerns, Song emphasized that EliseAI complies with relevant laws, including the California Consumer Privacy Act. The company allows users to request data deletion, opt out of training data collection, and access copies of their data held by EliseAI. The data remains the property of the respective property managers or owners, and EliseAI does not sell or share it for external purposes.
While some reviews suggest that the chatbots might lack nuance, potentially missing key details or failing to involve human managers when needed, Song insists that the technology is continuously improving. EliseAI claims that their solution increases lease tour bookings by 125% on average and reduces overdue payments by 50%.
EliseAI’s offerings extend beyond chatbots. The company provides a dashboard for property managers to monitor tenant requests, generate operational reports, and track lease renewals. These tools are included with EliseAI’s AI modules, which are offered on a subscription basis.
EliseAI faces competition from companies like Colleen AI, Funnel, Knock, and Leasehawk. However, Song notes that EliseAI has secured over 350 customers, including 70% of the top 50 rental housing operators in the United States.
In addition to its real estate applications, EliseAI is exploring opportunities in the healthcare sector. In 2023, the company launched HealthAI, a solution designed to automate administrative tasks such as appointment scheduling and billing. Song believes that the technology developed for property management can be effectively adapted to meet the needs of healthcare providers.
The recent funding round was led by Sapphire Ventures, with participation from Point72 Private Investments, DivcoWest, Navitas Capital, and Koch Real Estate Investments. This round brings EliseAI’s total funding to $140 million, which will support hiring, AI research and development, product enhancement, and go-to-market strategies. Sapphire partner Cathy Gao will join EliseAI’s board of directors, expressing confidence in the company’s potential to lead both in the housing market and in new sectors like healthcare.
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By Proptechbuzz
By Ravi Kumar
