New York-headquartered EliseAI, a conversational AI platform in the proptech industry, has raised $75 million in a Series D round, which values the company at $1 billion. With this round, this company has become the latest unicorn in the city.
Funding details
The investment was led by Sapphire Ventures (which recently invested in Constructor and FloQast), with participation from existing investors Navitas Capital, Point72 Private Investments, DivcoWest Ventures, and Koch Real Estate Investments.
The company intends to use the funds to expand operations and its development efforts.
“EliseAI’s multimodal AI platform has revolutionised customer interactions in the housing industry, we believe in 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 transforming the housing industry and tackling other core industries like healthcare,” said Cathy Gao, Partner at Sapphire Ventures and new EliseAI board member.
How was the idea born?
EliseAI was founded in 2017 by CEO Minna Song, who met the other co-founder Tony Stoyanov, while they were studying at Cambridge. After graduation, Song was an administrative assistant at a residential real estate firm in New York City. There, she saw the inefficiencies in the rental and leasing industry, especially around messaging current and prospective tenants.
What does the company do?
EliseAI’s mission is to revolutionise industries that are fundamental to our lives. It first reshaped the housing industry, and today the company is the largest AI-native company in the space, serving millions of rental units nationwide. The company’s complete AI platform automates property workflows and communications with renters throughout their entire journey.
Its suite of tools enhances daily operations and provides personalised lead nurturing, meeting the immediate needs of prospects and residents with its innovative AI.
EliseAI employs chatbots to text, email, and respond to calls from renters. These chatbots are trained on questions asked by renters.
The company brought its technology to healthcare in 2023 where it serves 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 many leading EHR, PMS, and RCM solutions to ensure a seamless experience with full HIPAA and SOC2 Type II compliance.
The company, which has over 150 employees, serves customers including Bozzuto, AvalonBay, Equity Residential, Invitation Homes, and Asset Living.
“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,” said Minna Song, Co-Founder and CEO of EliseAI. “We are excited to partner with the Sapphire Ventures team given their track record of working with B2B software companies to achieve extraordinary success.”
“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,” said Faith Duplantis, Senior Marketing Manager at Asset Living. “Their suite of tools enhances daily operations and provides personalised lead nurturing, meeting the immediate needs of prospects and residents with their innovative AI, ensuring our ongoing success.”
