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EliseAI, the New York housing-automation company, closed a $350 million round at a $4 billion valuation led by a16z and Bessemer, nearly doubling its value in 13 months.
Key Takeaways
- EliseAI raised $350 million at a $4 billion valuation, announced September 29, 2026.
- Andreessen Horowitz and Bessemer Venture Partners led. Ontario Teachers' Pension Plan, Sapphire Ventures and Navitas Capital also joined.
- The company reported more than $200 million in annual recurring revenue in June 2026.
Lead
EliseAI announced on September 29, 2026 that it raised $350 million at a $4 billion valuation. Andreessen Horowitz (a16z) and Bessemer Venture Partners led the round, with Ontario Teachers' Pension Plan, Sapphire Ventures and Navitas Capital also taking part. The valuation compares with $2.2 billion about 13 months ago, when the company raised a $250 million Series E. The company has not labeled the new round with a series letter.
The New York company sells AI software that handles leasing inquiries, resident communication, maintenance requests and lease renewals for property managers. It says its platform now runs in roughly one in six U.S. apartments.
What Does EliseAI Actually Sell?
EliseAI sells conversational AI that answers prospective tenants and current residents by voice, text and email on behalf of landlords. It books tours, fields maintenance tickets, chases renewals and handles routine questions that leasing staff would otherwise answer by hand. Property managers pay a software subscription, which makes the revenue recurring and, in the company's telling, sticky.
The company says more than 30 million Americans have interacted with its platform since its founding. In September 2026 it launched Apollo, an agentic AI assistant that carries out tasks across the EliseAI platform rather than only answering messages. That moves the product from a front-desk replacement toward back-office workflow, where the contracts are larger.
How Fast Is the Business Growing?
EliseAI reported in June 2026 that annual recurring revenue passed $200 million, and says revenue has doubled year over year for five consecutive years. At a $4 billion valuation, that implies a multiple of about 20 times recurring revenue. That is rich for software, but not unusual for AI application companies growing at this rate.
The valuation step is the more telling number. A jump from $2.2 billion to $4 billion in just over a year requires investors to price in continued doubling, not a slowdown. Revenue that has to keep doubling to justify the last mark leaves little room for a down year.
Why Are a16z and Bessemer Doubling Down?
The two lead firms have now backed EliseAI four times since 2023, which makes this a round of insiders repricing a company they know well. Insider-led rounds carry less signal than a new outside lead would, since existing holders benefit from marking up their own positions. The presence of Ontario Teachers', a large pension investor, adds an outside check on the price, though its stake size is undisclosed.
For the leads, the thesis is that vertical AI companies with deep workflow integration can take share from legacy property management software and from labor budgets. Apartment operators employ large leasing and resident-service teams, and EliseAI sells against that payroll as much as against other software.
Where Will the Money Go?
The company plans to expand engineering, deployment and sales teams in North America, and to open San Francisco as a second engineering hub alongside its New York headquarters. It is hiring in New York, San Francisco, Boston, Chicago, Austin and Toronto.
EliseAI also runs a dedicated healthcare unit that serves specialty physician groups. That unit automates patient contact, referrals, scheduling, insurance verification and follow-up. Healthcare is the company's main diversification path beyond housing, where a large share of the addressable apartment base is already covered. CEO Minna Song said the company has grown "by going deeper with our customers until we've solved the root causes" of housing's problems.
What Comes Next for EliseAI?
Three questions will shape the next round or an eventual exit. The first is whether healthcare revenue grows large enough to reduce dependence on a housing market that is already one-sixth penetrated. The second is whether Apollo and similar agentic products raise revenue per customer rather than just replacing existing seats. The third is how competitors respond, including incumbent property management platforms that are adding their own AI features.
A $4 billion mark also raises the bar for any exit. An IPO or acquisition would need to clear that price with room for later investors, which pushes the company toward continued fast growth or a larger public-market story.
Outlook
EliseAI enters its next phase with $350 million in new capital, a doubled valuation and more than $200 million in recurring revenue. The housing business is maturing in reach, so growth now depends on selling more to existing customers through Apollo and on the healthcare unit. Repeat backing from a16z and Bessemer shows conviction, but the valuation assumes the growth rate holds.
