AI startup EliseAI has raised $350 million at a $4 billion valuation, doubling its valuation from the time it raised its Series E last August.
The latest funding round was co-led by Andreessen Horowitz and Bessemer Ventures. EliseAI was founded in 2017 and develops software that automates administrative and operational work for companies in the housing and healthcare sectors.
EliseAI’s software is currently used by 1 in 6 apartments across the country. The company also announced this summer that it had surpassed $200 million in annual recurring revenue (ARR).
The new funding comes as EliseAI expands the use of artificial intelligence across operational functions in housing and healthcare. The company has developed software designed to handle administrative and operational tasks that are part of these industries.
Earlier this month, EliseAI launched an AI “teammate” called Apollo, which helps users perform tasks within the EliseAI platform. Apollo is built into the same platform that manages functions including leasing, maintenance and renewals.
The AI teammate is designed to operate across different roles within a property team. This allows the technology to work across multiple operational functions rather than being limited to a single task.
On the healthcare side, EliseAI helps automate patient-related paperwork for specialty physician groups. Its software covers processes beginning with the first inbound call and extending through referrals, scheduling, insurance verification, chart preparation and follow-up.
The company has focused its business on housing and healthcare. EliseAI co-founder and CEO Minna Song has described the two sectors as among the largest expenses for American households.
The latest financing increases EliseAI’s valuation to $4 billion, representing a doubling from its valuation when the company raised its Series E last August.
The funding also comes after the company crossed the $200 million ARR milestone and expanded its presence across the housing sector. Its software is now used by 1 in 6 apartments across the country, giving the company a broad presence in the US apartment market.
EliseAI’s approach is focused on using AI to automate operational and administrative work rather than functioning only as a general-purpose AI tool. Its products are designed around specific workflows within housing and healthcare organisations.
The company’s Apollo product is part of this expansion, with the AI teammate operating inside the existing EliseAI platform. The platform already handles leasing, maintenance and renewals for property teams.
In healthcare, the company’s software addresses paperwork and administrative processes for specialty physician groups, covering multiple stages of the patient journey from initial contact to follow-up.
With the $350 million funding round and a $4 billion valuation, EliseAI is now continuing its expansion in the housing and healthcare markets. The company plans to further develop its products and expand the use of AI across the operational work handled by its customers.
