EliseAI, a startup revolutionizing property management with AI-powered tools, has secured $75 million in a Series D funding round, elevating its valuation to $1 billion. Co-founded by CEO Minna Song and Tony Stoyanov in 2017, EliseAI has quickly risen to prominence by addressing inefficiencies in the rental and leasing industry through automation.
The company’s suite of AI chatbots handles tasks like apartment tours, maintenance requests, and lease renewals, allowing property managers to focus on more complex issues. The AI system, trained on internal data from renter interactions, hands off requests to humans when necessary, ensuring a balance between automation and personal touch.
Song emphasized the company’s commitment to privacy, noting that EliseAI allows users to opt out of data collection and ensures that consumer data remains exclusively under the control of property managers. Despite some criticisms about the AI’s nuances, EliseAI reports significant improvements in operational efficiency, including a 125% increase in lease tour bookings and a 50% reduction in overdue payments.
With over 350 customers, including 70% of the top 50 rental housing operators in the U.S., EliseAI is a formidable player in the property management space. Now, the company is venturing into healthcare with a new product, HealthAI, launched in 2023. This expansion aims to bring EliseAI’s technology to administrative tasks in health clinics, such as appointment scheduling and billing.
Sapphire Ventures led the latest funding round, with participation from Point72 Private Investments and others. The capital will fuel EliseAI’s growth, focusing on AI research and development, product enhancement, and market expansion. Sapphire partner Cathy Gao, who will join EliseAI’s board, believes the company is poised to lead AI innovation in housing and beyond.
As EliseAI expands its footprint in both real estate and healthcare, it continues to demonstrate how AI can streamline operations and enhance customer experiences in traditionally labor-intensive industries.
