EliseAI, the New York company automating back-office work for landlords and health systems, has raised $350 million at a $4 billion valuation — nearly doubling its price in just over a year. Fortune first reported the round, which the company announced on Tuesday.
The financing was co-led by existing investors Andreessen Horowitz and Bessemer Venture Partners, marking the fourth time the two firms have backed the company since 2023. Ontario Teachers' Pension Plan joined as a new investor, with Sapphire Ventures and Navitas Capital also participating. The round was entirely primary capital — no early investors or employees sold shares — and comes roughly 13 months after a $250 million Series E valued EliseAI at $2.2 billion in August 2025. "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," co-founder and chief executive Minna Song told Fortune.
EliseAI deliberately skipped the sectors most AI startups chase. Its housing platform answers leasing inquiries, handles resident communications, and processes maintenance requests and lease renewals for property managers; its healthcare arm runs the administrative spine of specialty physician groups, from the first inbound call through referrals, scheduling, insurance verification, chart preparation and follow-up. The company says it handles about five million calls a month across the two businesses.
The scale is unusual for a vertical AI company. EliseAI says it passed $200 million in annual recurring revenue in June — its fifth consecutive year of doubling revenue — and that its software now runs across 6.5 million rental units, roughly one in five multifamily apartments in the United States, with more than 30 million Americans having interacted with it. Earlier this month it launched Apollo, an agentic AI teammate that can execute tasks across the platform on behalf of leasing agents, managers and executives; the company says anything ending in a binding decision still routes to a human.
Song's pitch is that AI's next act belongs to the industries nobody finds glamorous. "The industries where AI matters most are still not the ones getting the most attention," she said. Her framing leans on Baumol's cost disease: computing has made televisions and software relentlessly cheaper while housing, healthcare, childcare and education grow more expensive every year, and only technology that actually does the work — not just chats about it — can bend those curves.
The company points to measurable results, though they are self-reported: occupancy two points higher on its platform, residents seven points more likely to renew, and net operating income up as much as 20%. The new capital funds a second engineering hub in San Francisco alongside EliseAI's 109,000-square-foot Manhattan headquarters in the former Tiffany & Co. building on Fifth Avenue, plus hiring across New York, Boston, Chicago, Austin and Toronto.
The round is a bet that AI's largest untapped economics sit in essential services rather than frontier models. Housing and healthcare are the two biggest expenses for American households, and EliseAI now has the unit count, the revenue and the investor roster to test whether automation can genuinely lower their cost — the kind of evidence the sector's next set of valuations will be built on.
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