- EliseAI raised $350M at a $4B valuation, led by a16z and Bessemer.
- It was valued at $2.2B in August 2025, and its revenue has doubled for five years running.
- Its AI agents now cover one in six US apartments and handle about 5M calls a month.
Before Minna Song and her co-founder, Tony Stoyanov, wrote a line of code, Song took a job at a New York real estate firm to find the one bottleneck that made the industry so expensive to run, she told Fortune. Nine years after founding EliseAI, the software built around that answer handles about 5 million calls a month and powers one in six US apartments.
The company just raised $350 million at a $4 billion valuation.
The round was led by Andreessen Horowitz and Bessemer Venture Partners, with participation from Ontario Teachers’ Pension Plan, Sapphire Ventures, and Navitas Capital, according to the company’s announcement. Ontario Teachers’ is a new investor, Fortune reported, and nearly all of EliseAI’s major existing backers returned. Song said all of the money is new capital for the company, not existing shareholders selling.
“The industries where AI matters most are still not the ones getting the most attention. Housing has enormous problems to solve, and we’ve grown by going deeper with our customers until we’ve solved the root causes. Every year, our customers trust us with more of their operations, and that kind of trust is earned only by a company built to last. Andreessen Horowitz and Bessemer Venture Partners understand that, and they’re the partners we want for the long term,” said Song, co-founder and CEO of EliseAI.
EliseAI was founded in 2017 as MeetElise by Song, now its CEO, and Stoyanov, now its chief technology officer. Song studied computer science at MIT and Stoyanov at Cambridge, according to the company’s blog, and neither came from a traditional real estate background.
A valuation that has climbed from $1B to $4B since August 2024
EliseAI became a unicorn, a private startup valued at $1 billion or more, with a $75 million Series D in August 2024 led by Sapphire Ventures. A year later, a $250 million Series E led by a16z valued it at $2.2 billion, as Tech Funding News reported. The new round nearly doubles that figure.
In August 2026, TFN reported that EliseAI was in talks to raise $300 million at a $3.7 billion valuation, per Business Insider. The final round came in larger on both counts.
The revenue behind the price is substantial. EliseAI said in June 2026 that it had passed $200 million in annual recurring revenue, the yearly value of its subscription contracts, and that revenue has doubled year over year for five consecutive years. At $4 billion, the valuation is about 20 times that figure at most, by TFN‘s calculation. The revenue number dates from June, so the current multiple may be lower.
That growth outruns its market. Mordor Intelligence puts property management software at $6.53 billion in 2026, rising to $9.93 billion by 2031, an annual growth rate of 8.74%. Song argues that neither housing nor healthcare gets more affordable until it costs less to run. That is a pitch aimed at operating budgets, not software licences.
Apollo takes on the work, but not the final say
The startup, founded in 2017, works by embedding AI agents into the systems that property teams already use. Its housing platform automates leasing, resident communication, maintenance, renewals, and billing. Apollo, launched on September 3, 2026, is the latest addition: an AI teammate that can perform any task across the EliseAI platform and carry it through to completion.
EliseAI moved into healthcare in 2023 with the same approach. A dedicated business now serves specialty physician groups, automating inbound calls, referrals, scheduling, insurance verification, chart preparation, and follow-up. The company is also working with OpenAI to test new voice capabilities at scale, Song said. The field is crowded: Prosper AI raised $30 million in June 2026 for AI agents that schedule appointments and verify insurance, and a16z led that round too.
“EliseAI has spent years building inside the day-to-day complexity of housing. The company combines exceptional AI research and engineering with a detailed understanding of how properties operate. That depth has produced measurable results for their customers, leading to deep customer love,” said Sameer Dholakia, partner at Bessemer Venture Partners, who joined EliseAI’s board of directors as part of the financing.
Rivals take different routes into the same market
Lette AI, a Dublin startup founded in 2025, raised a $1.4 million pre-seed round in October 2025 to build an AI operating system for property managers. It is tiny next to EliseAI. Dwelly in the UK buys independent letting agencies, moves them onto its own AI platform, and raised a $170 million Series B in July 2026, led by EQT Growth and General Catalyst.
Flow, the residential real estate company launched by former WeWork chief executive Adam Neumann, owns buildings instead of selling software. It was valued at about $2.5 billion after a round of more than $100 million in April 2025. a16z backs Flow’s ownership model and EliseAI’s software layer.
EliseAI’s route is narrower. It sits inside software that property teams already run, alongside vendors such as Yardi, RealPage, and AppFolio, which Mordor lists among the largest in the category, rather than replacing them or buying the agencies that use them. The trade-off is that it depends on the systems it works inside.
The new money will go to product development and to growing engineering, deployment, and sales teams across North America. EliseAI plans to make San Francisco a second engineering hub alongside its New York headquarters, a 109,000-square-foot office in the former Tiffany & Co. building on Fifth Avenue that it moved into in 2026. It is hiring in New York, San Francisco, Boston, Chicago, Austin, and Toronto. Bessemer, Dholakia’s firm, has closed $5.75 billion across two new funds.
The bigger question is whether the human checkpoints she describes can hold as call volumes and the range of tasks Apollo handles, keep growing. For a company selling automation into regulated decisions, that is the test.
