EliseAI banks $350M, hits $4B valuation for accelerated new product development
The company surpassed $200 million in ARR in June, doubling revenue year-over-year for five consecutive years, executives said.
AI startup EliseAI secured $350 million in funding on Tuesday, propelling its valuation to a record $4 billion. Andreessen Horowitz (a16z) and Bessemer Venture Partners led the financing round, joined by Ontario Teachers' Pension Plan, Sapphire Ventures and Navitas Capital. Sameer Dholakia, a partner at Bessemer, praised the company's deep understanding of the housing sector, crediting their expertise for generating positive customer experiences.
Initially focusing on automating communications in the rental and leasing industry, EliseAI expanded into healthcare four years ago. In August, the company raised $250 million in Series E funding, achieving $200 million in annual recurring revenue (ARR) six months later, marking five consecutive years of year-over-year revenue growth.
The platform now manages operations for one-sixth of all apartments in the U.S., with over 30 million people interacting with it since its inception. Earlier this month, EliseAI launched its first agentic AI teammate, named Apollo, capable of executing any task within the platform. Co-founder and CEO Minna Song emphasized that the company aims to tackle pressing issues in housing, having built trust by addressing the root causes of their customers' challenges.
EliseAI plans to utilize the new capital to streamline operations for existing clients, expand its North American workforce, and establish a second engineering hub in San Francisco, complementing its New York headquarters.
Written by urgent.news from Fierce Healthcare's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
