a16z-backed EliseAI raises $350M, doubles valuation to $4B

On Tuesday, AI startup EliseAI announced a $350 million funding round co-led by Andreessen Horowitz and Bessemer Ventures, bringing its valuation to $4 billion. This valuation represents a doubling of the company's worth compared to its Series E funding the previous August. Established in 2017, the company develops software that automates administrative and operational tasks for the housing and healthcare sectors.

According to the firm, its technology currently serves one in every six apartments nationwide, and it surpassed $200 million in annual recurring revenue during the summer. Earlier in the month, EliseAI introduced an artificial intelligence assistant named Apollo designed to assist with operations within its existing platform, which already manages leasing, maintenance, and renewals.

Co-founder and CEO Minna Song stated that the enterprise focuses on housing and healthcare because they represent two major expenses for households in America, noting that the healthcare technology automates paperwork for specialty physician groups across tasks from initial calls to follow-up care.