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

EliseAI announced a $350 million financing at a $4 billion valuation, a twofold increase from its valuation at the company’s Series E last August. The round was co-led by Andreessen Horowitz and Bessemer Ventures. EliseAI was founded in 2017 and focuses on automating administrative and operational tasks for housing and healthcare organizations.

On the housing side, EliseAI says its software is deployed in about one in six apartments nationwide and that the company surpassed $200 million in annual recurring revenue this summer. The platform manages workflows around leasing, maintenance and renewals, and the company has positioned those capabilities as core to property operations.

Earlier this month EliseAI introduced an AI “teammate” called Apollo, which is integrated into the existing platform and is intended to assist with tasks across property-team roles. On the healthcare side, the company automates patient-related administrative work for specialty physician groups, covering processes from initial inbound calls through referrals, scheduling, insurance verification, chart preparation and follow-up.

EliseAI has concentrated on housing and healthcare because, according to the company, they represent two of the largest expense categories for American households. The new financing will support the company as it scales its product and operations in those sectors.