Real Estate Tech Pioneer EliseAI: How It Achieved Unicorn Status Before Its Time

I previously worked at a real estate tech website, where I became immersed in the concept of "proptech," the intersection of property and technology.

EliseAI has been at the forefront of this movement for the past seven years, designing AI systems that enhance communication between rental property owners and managers and their tenants through autonomous chatbots and voicebots—well before the generative AI wave.

EliseAI's AI assistant is already a leading solution, utilized by 70% of the top 50 rental housing operators and owners in the U.S., according to co-founder and CEO Minna Song. This translates to one in every twelve multi-family apartment units nationwide.

Beyond its impressive clientele, EliseAI recently announced a $75 million Series D funding round led by Sapphire Ventures, achieving a valuation exceeding $1 billion and establishing it as a new unicorn in New York City.

Founded in 2017 by Minna Song and CTO Tony Stoyanov, EliseAI has recently ventured into healthcare communication as well, developing voicebot models that assist with patient calls and appointment scheduling for doctors and healthcare providers.

Technology and Growth

EliseAI has experienced remarkable growth, with its Annual Recurring Revenue (ARR) increasing by more than 2.5 times since its Series C round last year. "We provide an AI assistant that automates communication and daily operations for housing operators across the U.S.," Song said. "Our AI manages around 90% of interactions with renters across various channels."

EliseAI's AI platform integrates advanced models from OpenAI and custom solutions. The comprehensive suite for property management includes:

- LeasingAI: Operates 24/7, improving lease conversion rates by over 125% with 90% automation.

- ResidentAI: Manages resident communications, boosting engagement by 40% and reducing delinquencies by 50%.

- EliseCRM: A free, advanced CRM system that serves as a centralized hub for prospect and resident information.

EliseAI stands out for its multi-modal approach, offering AI interactions through email, SMS, webchat, and voice, particularly highlighting its unique VoiceAI feature.

The efficiency that EliseAI’s assistant delivers translates into tangible cost savings for customers. "On average, our customers reduce overdue payments by 50%, which enables them to manage their finances more effectively," Song explained.

Expansion into Healthcare

In 2023, EliseAI expanded into healthcare, launching HealthAI, which automates non-clinical tasks such as patient interactions, appointment scheduling, and billing needs. "Doctors often lose revenue from unfilled appointment slots due to cancellations. Our solution helps optimize their schedules," Song noted.

The HealthAI system is fully HIPAA compliant and maintains SOC 2 security standards, integrating seamlessly with electronic medical record systems. It effectively handles 95% of patient inquiries around the clock, ensuring zero wait times.

Funding Allocation and Future Plans

The recent funding will support the expansion of EliseAI’s team, enhance product innovation, and strengthen partnerships within the industry. The company, which currently employs over 130 staff at its New York City headquarters, is actively hiring across various departments.

Cathy Gao, partner at Sapphire Ventures and new board member at EliseAI, highlighted the significant impact of their multi-modal AI platform, stating, "EliseAI is setting the standard for how specialized AI can deliver measurable results with high accuracy and compliance."

The Next Phase

As a prominent vertical-focused AI company, EliseAI is well-positioned to meet the rising demand for AI solutions in both housing and healthcare. With its unicorn status and significant funding, the company is poised for continued innovation and growth.

EliseAI's success exemplifies the transformative potential of AI in traditional industries, enhancing efficiency and service quality while addressing vital operational challenges. As it expands its influence and capabilities, it will be exciting to see how EliseAI shapes the future of housing and healthcare operations through artificial intelligence.