New York, August 20, 2024 – EliseAI, a real estate technology company, has announced the successful completion of a $75 million Series D funding round led by prominent venture capital firm Sapphire Ventures. Thefresh capital will be primarily allocated towards expanding the team and advancing product development. This funding elevates EliseAI’s valuation to over $1 billion, solidifying itsstatus as the newest unicorn in New York.
Founded in 2017 by Minna Song and Tony Stoyanov, EliseAI is headquartered in New York and boasts a workforce exceeding 130 employees. The company has developedan AI-powered suite of property management tools designed to enhance communication efficiency between landlords, property managers, and tenants, ultimately boosting operational effectiveness for property management businesses across the United States.
Revolutionizing Property Management with AI
EliseAI’sAI-powered assistant has gained widespread adoption among property management businesses and landlords nationwide, reaching a remarkable 70% market penetration. This translates to approximately one out of every twelve multi-family housing units utilizing EliseAI’s system.
We sell an AI assistant that automates various property management tasks, explained Minna Song,EliseAI’s co-founder and CEO. The AI system can handle around 90% of tenant communication automatically.
Since its last funding round in Series C, EliseAI has witnessed a staggering 2.5x increase in its annual recurring revenue (ARR). The company’s AI platform offers acomprehensive range of tools and services to support property management, including:
- LeasingAI: Streamlines lead management, boosting lease conversion rates by over 125% while automating 90% of the process.
- ResidentAI: Facilitates tenant communication, enhancing engagement by 40% and reducingdelinquent payments by 50%.
- EliseCRM: A free, advanced CRM system that acts as a central hub for lead and tenant information.
EliseAI’s AI capabilities are accessible to users through various channels, including email, SMS, web chat, and voice. The company’s AI solutions go beyondmere technological advancement; they deliver tangible benefits by reducing staffing costs, mitigating employee turnover, and minimizing knowledge asset loss. This translates into enhanced efficiency and cost savings for businesses.
Expanding into Healthcare Management
Beyond its leadership position in the real estate industry, EliseAI is extending its AI expertise into the realm of healthcare management. The company launched HealthAI in 2023, an AI-powered solution capable of automating non-clinical tasks such as patient inquiries, appointment scheduling, and billing processing. HealthAI adheres strictly to HIPAA regulations, boasts SOC 2 security compliance, and seamlessly integrates with electronic health record (EHR) systems.
The system achieves a 95% success rate in answering patient questions and can operate 24/7 without interruption, added Minna Song.
AI Reshaping Traditional Industries
Traditional industries, having evolved over time, often possess established and mature operational models, business processes, and market strategies. However, the AIwave is ushering in a new era of transformation for these industries. While only a handful of tech companies are focusing on vertical niches within traditional sectors, EliseAI’s success showcases the immense potential of AI to revolutionize these industries. Its ability to significantly enhance operational efficiency and service quality is a testament to this transformative power.
Cathy Gao, a partner at Sapphire Ventures and a newly appointed member of EliseAI’s board of directors, commented, EliseAI’s multimodal AI platform has completely changed the customer interaction landscape in the real estate industry. It also sets a benchmark for vertical AI products by achieving high accuracy and adhering to industry compliance standards.
EliseAI’s journey as a unicorn is a testament to the disruptive potential of AI in reshaping traditional industries. As the company continues to expand its reach and refine its AI solutions, it is poised to become a leading force in driving innovation across various sectors.
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