EliseAI announced a $75 million Series D on August 14, 2024, valuing the housing-technology company at more than $1 billion. Sapphire Ventures led the round, which brought EliseAI’s disclosed funding to $140 million. The company said it would use the money for hiring, artificial-intelligence research and development, product work, and go-to-market expansion.
This is a dated funding milestone, not EliseAI’s latest financing snapshot: the company announced a $250 million Series E in August 2025. Forbes reported an approximately $2.2 billion valuation in June 2026.
What EliseAI actually sells
EliseAI is better understood as a vertical workflow-automation platform with conversational interfaces than as a simple website chatbot. Its software connects to property-management and customer-relationship systems, uses property-specific information, and automates conversations and follow-up actions.
In the product description surrounding the Series D, the system handled leasing inquiries, lead qualification, tour scheduling, prospect follow-up, maintenance-related requests, renewals and delinquency outreach. It could communicate through SMS, email, webchat and voice, with escalation to staff when needed. The company’s dashboard provided request management, reporting, renewal workflows and interaction history.
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EliseAI was founded in 2017 by Minna Song and Tony Stoyanov. Its stated target customers include multifamily owners and operators, third-party managers, single-family rental companies, student-housing and affordable-housing providers, centralized leasing teams, owner-operators and fee managers.
EliseAI’s 2024 announcement said it had more than 350 customers and that 70% of the top 50 U.S. rental-housing operators were customers. Those are company-supplied figures. Current marketing pages use different counts, including “300+” and “750+” top property-management companies, so they should not be combined into one precise current total.
What the Series D financed
| Item | Reported detail |
|---|---|
| Round | $75 million Series D, announced August 14, 2024 |
| Lead investor | Sapphire Ventures |
| Other participants | Point72 Private Investments, DivcoWest, Navitas Capital and Koch Real Estate Investments |
| Valuation | More than $1 billion |
| Total disclosed funding afterward | $140 million |
| Planned use | Hiring, AI research and development, product development and go-to-market expansion |
| Board change | Sapphire partner Cathy Gao joined EliseAI’s board |
EliseAI described the financing as support for expanding its housing-focused platform. Sapphire’s investment thesis emphasized applying generative AI to repetitive, high-volume interactions that property teams must manage every day.
Sources: EliseAI’s announcement, Sapphire Ventures’ explanation and TechCrunch’s coverage.
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Why property managers use this kind of automation
Leasing and resident-service teams receive inquiries at all hours, often with the same questions about availability, amenities, policies, pricing and tours. A connected system can answer quickly, qualify prospects, update records and schedule appointments without requiring an employee to handle every message.
The business case is not limited to leasing. Maintenance requests need routing, renewal campaigns need follow-up, and delinquency communications must be sent consistently. Centralized operators may also use automation to standardize service across many communities while allowing staff to take over unusual or sensitive cases.
How EliseAI interacts with renters
The 2024 system used SMS, email, webchat and phone calls. It was intended to draw from a community’s availability, amenities, policies and operating procedures rather than answer from a generic knowledge base. A human handoff was part of the design for matters requiring staff judgment.
Current materials describe a wider suite, including EliseCRM, LeasingAI, ResidentAI, VoiceAI, AI-guided tours, maintenance, renewals, delinquency workflows, lease audits and fee-transparency tools. These later products should not be assumed to have been available in their current form when the Series D was announced.
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- Easily Input and manage unlimited contacts including tenants and managers with status and details for followup Configure, save, filter, sort and group reports across standard and user-defined data fields.
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- Includes accounting dashboard for invoices, payments and expenses
Integration is central to the product. EliseAI’s support documentation lists systems including Funnel, Knock, Yardi RentCafe, AppFolio, Entrata, RealPage OneSite, Rent Manager, ResMan and Yardi Voyager. Support differs by product and property-management-system configuration: an integration that supports LeasingAI may not support every resident or maintenance module.
Onboarding materials identify integration setup, calendar and knowledge configuration, team training, allowlist testing, test leads and launch planning. That makes “works out of the box” an unsafe assumption.
What evidence supports the business case?
EliseAI said in 2024 that LeasingAI produced a 125% or greater improvement in lease conversion, automated more than 90% of work and grew annual recurring revenue by more than 2.5 times since its prior funding round. These are company-reported claims; the announcement does not provide the sample sizes, baselines, control groups or methodology needed to treat them as independently audited results.
Andreessen Horowitz later said EliseAI exceeded $100 million in annual recurring revenue earlier in 2025. That is an investor-provided figure.
Rank #4
A 2026 Zillow Rentals–EliseAI article reported that renters using an EliseAI-powered AI Assist experience were 43% more likely to apply, 19% more likely to book a tour and 24% more likely to sign a lease. The comparison used internal data from participating buildings from October 1, 2025, through March 19, 2026, updated through April 2026. It is an observational, partner-reported result—not a causal estimate for every property.
The renter-side risks and governance questions
Property managers buy the software, but renters experience its decisions and errors. Before deployment, an operator should ask:
- Does the system clearly disclose that a renter is interacting with AI?
- Can a renter reach a human quickly, especially for an emergency maintenance issue?
- What happens when rent, fees, concessions, availability or eligibility information is wrong?
- Are conversations retained, for how long, and who can audit them?
- Does the system make or influence screening decisions, and how are fair-housing risks controlled?
- Can sensitive workflows be disabled or routed directly to staff?
- Which party is responsible for legally required notices?
In a 2024 interview, CEO Minna Song said customer data belonged to the relevant owner or manager, that EliseAI used internally generated rather than purchased external data, and that users could request deletion, copies of their data or an opt-out from training use. Those statements should be checked against the current contract, privacy policy, retention schedule, security materials and data-processing terms.
EliseAI’s current fee-transparency materials describe support for data from systems such as Yardi and Entrata and for Total Monthly Leasing Price disclosures in states where required. That is a product capability, not a guarantee of legal compliance in every jurisdiction.
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What buyers should evaluate
Operational fit
- Portfolio size, unit count and monthly lead volume
- After-hours inquiry share and required languages
- Need for voice, text, email and webchat
- Whether resident workflows matter as much as leasing
- Centralized versus on-site leasing operations
Integration fit
Confirm the exact PMS and CRM editions, the products supported on each system, synchronization direction and frequency, handling of availability, prices, concessions, fees, calendars and work orders, and the failure process when records conflict or data becomes stale. EliseAI’s integration matrix is product-specific rather than a binary compatibility guarantee.
Financial fit
Ask for implementation charges, recurring fees, per-unit or usage charges, messaging and voice costs, contract length, termination terms, portfolio minimums, custom-workflow costs and human-support add-ons. The reviewed public materials do not provide a reliable general list price; EliseAI uses a sales and demo process.
Performance measurement
Run a pilot with pre-agreed measures: response time, lead-to-tour and tour-to-lease conversion, unanswered inquiries, human handoff rate, incorrect-answer rate, resident satisfaction, maintenance-routing accuracy, renewal completion and cost per lease or saved staff hour. A high automation percentage is not automatically a good outcome if it creates complaints, rework or compliance exposure.
Trade-offs and failure modes
- Efficiency versus human service: 24/7 replies can help, but frustrating escalation loops can damage trust.
- Speed versus accuracy: wrong pricing, fee or availability information can create legal and reputational problems.
- Breadth versus dependence: one broad platform may replace point solutions while increasing vendor concentration.
- Customization versus maintainability: tailored workflows can fit a portfolio but cost more to change.
- Centralization versus local context: centralized rules may miss building-specific exceptions or resident circumstances.
Test specifically for stale availability, incorrect concessions, duplicate guest cards, calendar failures, lost conversation context, emergency misclassification, poor multilingual performance, incorrect delinquency messages, inadequate audit logs and hidden product-specific integration limits.
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| Option | What it offers | Most relevant fit |
|---|---|---|
| AppFolio | AI Leasing Assistant and Realm-X Leasing Performer inside an integrated property-management platform | Operators already standardized on AppFolio and prioritizing native integration |
| Entrata | Leasing AI plus a Leasing Center combining AI with human contact-center services | Entrata customers wanting integrated automation with an optional human model |
| Funnel | Leasing CRM that can integrate with EliseAI | Operators seeking a CRM-plus-AI combination rather than one native suite |
| Knock | Leasing CRM supported by EliseAI for selected workflows | Operators already invested in Knock; support varies by EliseAI product |
| LeaseHawk and Colleen AI | Identified by TechCrunch as 2024 competitors | Requires current product, integration and pricing verification before comparison |
What changed after the Series D
EliseAI announced a $250 million Series E on August 16, 2025, led by Andreessen Horowitz with participation from Bessemer Venture Partners, Sapphire Ventures and Navitas Capital. In June 2026, Forbes reported an approximately $2.2 billion valuation, expansion to 11 products across housing and healthcare, and customers including large landlords such as Equity Residential.
Those later developments explain why the 2024 headline should be read as a milestone in EliseAI’s expansion, not as a current valuation or product snapshot.
Bottom line
EliseAI’s Series D signaled investor confidence in vertical AI that can take actions inside property-management systems, not merely answer questions. The opportunity is faster response and less repetitive work across leasing and resident operations. The practical value, however, depends on clean PMS data, compatible integrations, measurable pilots, transparent renter communication and human oversight for consequential decisions.
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