EliseAI has raised $350 million at a $4 billion valuation, a financing that values the company at roughly 20 times the annual recurring revenue it reported in June and bets that the software running apartment leasing offices will be replaced rather than upgraded.
Andreessen Horowitz and Bessemer Venture Partners co-led the round, the company said on Sept. 29, with participation from Ontario Teachers’ Pension Plan, Sapphire Ventures and Navitas Capital. Sameer Dholakia, a partner at Bessemer, is joining the board.
The New York company sells AI agents that take over property management tasks end to end rather than presenting a dashboard for a leasing agent to work from: answering inbound rental inquiries, scheduling tours, handling maintenance requests, running renewals and processing billing. It says the same approach now extends to specialty physician groups, where its agents handle the patient journey from a first inbound call through referrals, scheduling, insurance verification, chart preparation and follow-up.
Scale before the raise
EliseAI says its software touches one in six U.S. apartment units and that more than 30 million Americans have interacted with it since the company was founded. It crossed $200 million in annual recurring revenue this year, a milestone it says caps five consecutive years of doubling revenue.
Those are company figures, not audited ones, and the apartment share reflects units where an owner or manager has bought the product rather than units where every interaction runs through it. Even discounted, the numbers describe a vendor that has moved out of the pilot tier of proptech and into the operating stack of large institutional landlords.
“The industries where AI matters most are still not the ones getting the most attention,” said Minna Song, co-founder and chief executive. “Housing has enormous problems to solve, and we’ve grown by going deeper with our customers until we’ve solved the root causes.”
Dholakia, in the same announcement, pointed at the operational specificity rather than the model: “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.”
The investor list is worth reading as closely as the valuation. Ontario Teachers’ Pension Plan appears as a direct participant rather than as a limited partner in someone else’s fund β the kind of institutional money that tends to show up when a company is being underwritten on its revenue rather than on its category.
EliseAI describes housing and healthcare as “the two largest household expenses in America,” and the pairing is deliberate: both are high-volume, phone-and-form businesses where the work is repetitive, the staffing is expensive and the customer is captive. The same agent architecture that answers a 9 p.m. inquiry about a one-bedroom can verify a patient’s insurance.
Where the money goes
The company said the capital will go toward automating more of its customers’ operations and expanding engineering, deployment and sales teams across its North American offices. It plans to stand up San Francisco as a second engineering hub alongside its New York headquarters, and lists open roles in New York, San Francisco, Boston, Chicago, Austin and Toronto.
The deployment side of that spending is the part worth watching. Property management software has historically failed on implementation rather than on features β the gap between what a system can do and what an on-site team will actually use. A vendor whose product is agents that do the work instead of tools that assist it inherits that problem in a sharper form, because the failure mode is no longer an unused screen but a missed lease or a mishandled maintenance call.
A crowded and well-funded field
The round lands in an unusually active stretch for real estate AI financing. Boom raised $15 million to build leasing AI on top of rental screening data, and Trebellar raised $18 million for AI agents that run corporate real estate portfolios. EliseAI’s raise is an order of magnitude larger than either, which is itself the signal: the category has produced at least one company whose investors believe the winner-take-most stage has arrived.
Neither EliseAI nor its investors disclosed revenue multiples, prior-round terms or the structure of the financing. More technology and AI coverage is collected on our technology page.
