EliseAI raised $350 million at a $4 billion valuation, in a round co-led by Andreessen Horowitz and Bessemer Venture Partners, according to TechCrunch and Fortune. The valuation is roughly double the $2.2 billion the company was worth after a $250 million round about 13 months earlier, both outlets reported.
Ontario Teachers' Pension Plan joined as a new investor, alongside existing backers Sapphire Ventures and Navitas Capital, Fortune reported. It is the fourth time EliseAI has raised money from Andreessen Horowitz and Bessemer since 2023, according to Fortune.
EliseAI's software automates leasing, maintenance requests and renewals for landlords, and scheduling, insurance verification and paperwork for health systems, and is used by one in six apartments in the US, TechCrunch reported. The company passed $200 million in annual recurring revenue this summer, both outlets reported.
"Two of the largest expenses for American households" are housing and health care, which is why EliseAI targets both, chief executive Minna Song said, according to TechCrunch. The company plans to open a second engineering hub in San Francisco alongside its New York headquarters, Fortune reported.
The pitch is not flashy: automate leasing paperwork and patient scheduling. But the math behind the valuation is built on $200 million in recurring revenue, not a model demo, and four rounds from the same two lead investors in three years is a vote of confidence that is harder to fake than a press release.