Artificial intelligence company EliseAI, which automates healthcare and housing systems, secured $350 million in financing Tuesday, reaching a $4 billion valuation.
Andreessen Horowitz (a16z) and Bessemer Venture Partners led the financing, with participation from Ontario Teachers' Pension Plan, Sapphire Ventures and Navitas Capital.
“EliseAI has spent years building inside the day-to-day complexity of housing,” said Sameer Dholakia, partner at Bessemer Venture Partners partner, in a statement. “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.”
EliseAI initially began as an AI company dedicated to automating communications in the rental and leasing industry, expanding into healthcare four years ago. It announced $250 million in series E funding last August.
The company said it surpassed $200 million in annual recurring revenue (ARR) in June, doubling revenue year-over-year for five consecutive years. Its platform now powers one in six apartments, according to executives, and more than 30 million Americans have interacted with it since its launch.
Earlier this month, the startup announced the launch of its first agentic AI teammate. The tool—dubbed Apollo—can perform any task in the Elise platform.
“The industries where AI matters most are still not the ones getting the most attention,” said Minna Song, EliseAI co-founder and CEO, in a statement. “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 only earned 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."
The company plans to use the fresh funding to automate more of its customers' operations and to grow North American engineering, deployment and sales teams. Moreover, it plans to establish San Francisco as a second engineering hub in addition to its New York-based headquarters.