EliseAI hits $4 billion valuation after raising $350 million

Before any code existed, Minna Song took a job at a real estate firm. She called it a research phase. Her aim was to locate the industry’s core bottleneck—the single point of friction that, if cleared, would change how the work got done.

She and Tony Stoyanov had not yet started a company. EliseAI would be founded only in 2017, as the outcome of what she learned inside those operations. The search came first: understand the costs and delays that had resisted change, then decide whether software could touch them.

“For a while with traditional software, people were working on the most fundamental needs… and then we got into this obsession with creating new markets,” Song said. “Now people are starting to realize we can go back to some of those industries that don't seem like the new, sexy, industry-creating thing, but they still have a ton of problems. It's time to go solve the important things that have largely been unchanged for decades.”

Housing was one of those industries. The research phase gave her the brief. What followed was years spent inside the workflows themselves.

The company began by automating communications in the rental and leasing industry. Four years ago it expanded into healthcare, bringing the same approach to administrative workflows. Housing and healthcare ranked among the industries least served by technology. Both ran on thin margins and heavy regulation. Staff spent much of their day on administrative work rather than on the people they served. EliseAI made its contrarian bet on exactly those operations—the ones that still carried enormous problems and had largely been left unchanged for decades.

In August 2024 it raised a $75 million Series D at a valuation exceeding $1 billion. Earlier in 2025 the company surpassed $100 million in annual recurring revenue. August 2025 brought a $250 million Series E at roughly $2.2 billion. Each financing was larger than the last. The rounds tracked compounding trust as the platform moved deeper into the day-to-day work of two heavily regulated sectors. Customers kept handing over more of their operations, and the capital followed that trust.

Housing first, then healthcare. Communications first, then wider layers of the load. The valuation that had exceeded $1 billion in 2024 stood at roughly $2.2 billion a year later, still built entirely inside the same unglamorous workflows.

EliseAI raised $350 million at a $4 billion valuation on Tuesday, September 29, 2026. The figure was a roughly 82 percent jump in about thirteen months. Andreessen Horowitz and Bessemer Venture Partners led the financing, with Ontario Teachers’ Pension Plan, Sapphire Ventures, and Navitas Capital participating. It was the fourth time a16z and Bessemer had backed the firm since 2023. The round consisted entirely of primary capital. Sameer Dholakia, a partner at Bessemer Venture Partners, joined the board.

“EliseAI has spent years building inside the day-to-day complexity of housing,” Dholakia said. “The company combines exceptional AI research and engineering with a detailed understanding of how properties operate. That depth has produced measurable results for their customers, leading to deep customer love.”

“We're bringing on our existing investors who wanted to co-lead — Andreessen Horowitz and Bessemer Ventures,” Song told Fortune. “They've really been up close and personal with our company over the last year and decided to double down on what we're building.” The valuation jump, she said, tracked the work itself. “It's a result of the effort of our whole team. We've really expanded within the industries that we serve, housing and healthcare. We've delivered more and more products for them — increased the value that we're bringing to our customers, and increased our penetration in the markets. Investors are seeing that.”

“The industries where AI matters most are still not the ones getting the most attention,” Song said. “Housing has enormous problems to solve, and we've grown by going deeper with our customers until we've solved the root causes. Every year our customers trust us with more of their operations, and that kind of trust is only earned by a company built to last. Andreessen Horowitz and Bessemer Venture Partners understand that, and they're the partners we want for the long term.” What those deeper products looked like had already begun to surface earlier in September.

Earlier in September 2026 the company launched Apollo, an agentic teammate able to perform any task on the platform. Agentic software does not wait for a person to drive every click; it carries work forward on its own inside the permissions a team already sets.

“It's built natively into the same platform that already runs leasing, maintenance, and renewals,” co-founder and CEO Minna Song told TechCrunch. “So it can act across every role on a property team.”

The same logic had already been extended into a dedicated healthcare business that serves specialty physician groups. There the system automates the full patient journey “from the first inbound call through referrals, scheduling, insurance verification, chart prep, and follow-up, so nothing falls through the cracks,” she said.

How far that trust had already traveled would soon be measured in hard numbers.

In June 2026 EliseAI surpassed $200 million in annual recurring revenue. Annual recurring revenue, or ARR, is the standard measure of predictable yearly income a software company can count on from ongoing customer contracts once one-time fees are stripped out. The company had doubled its ARR for five consecutive years. The June crossing locked in a fifth year of 100 percent year-over-year growth on that measure.

The platform powers roughly one in six apartments in the United States. More than 30 million Americans have interacted with EliseAI’s technology since founding. Those two figures made the installed base visible at national scale.

Housing and healthcare are the two largest expenses for American households. Artificial intelligence is the capacity of computational systems to learn from data, reason through tasks, and take actions toward defined goals. Song put the consequence of bringing that capacity into the cost structure of those industries in direct terms.

“You can't make housing meaningfully cheaper without making it cheaper to operate,” Song said. “Making care more affordable means making it less expensive to deliver… it really all fundamentally has to be cheaper to deliver. That's where AI can have a very tangible impact.”

The capital is earmarked to automate more of its customers’ operations. It will grow the engineering, deployment, and sales teams across North America. San Francisco is being established as the second major engineering hub beside New York. The same funds are meant to accelerate the development and delivery of new products, taking the company deeper into the work its customers already do every day.

By the time the round was announced, the New York headquarters had already changed. In summer 2026 EliseAI moved into its new Manhattan Fifth Avenue office in the former Tiffany & Co. building.