The news
New York startup EliseAI said on September 29 that it raised $350 million at a $4 billion valuation. The EliseAI funding, co-led by Andreessen Horowitz and Bessemer Venture Partners, backs AI agents the company says are used in one in six U.S. apartments.
Ontario Teachers' Pension Plan, Sapphire Ventures and Navitas Capital also invested, and Bessemer's Sameer Dholakia is joining EliseAI's board, the company said. Fortune reported that Ontario Teachers' is a new investor. EliseAI did not give the round a series letter or disclose its total funding to date.
The price is a sharp step up. TechCrunch reported that EliseAI was valued at $2 billion in a Series E in August 2025, meaning its value doubled in about 13 months, while Fortune put the earlier valuation at $2.2 billion. EliseAI said in June 2026 that it had passed $200 million in annual recurring revenue (ARR, the yearly value of its subscriptions), after doubling revenue year over year for five straight years. By our calculation, the new valuation is 20 times that $200 million mark.
In housing, EliseAI automates leasing, resident services, maintenance and renewals for property managers. Earlier in September it launched Apollo, which it calls an agentic AI teammate that can perform any task in the EliseAI platform and works inside the systems property teams already use. In healthcare, it serves specialty physician groups, automating work from the first inbound call through referrals, scheduling, insurance verification, chart preparation and follow-up.
The company says more than 30 million Americans have interacted with EliseAI since it was founded. Fortune reported that its AI handles about 5 million calls a month across housing and health care, and SiliconANGLE reported that more than 3,500 healthcare organizations use the platform. EliseAI said the money will speed up product development, grow its engineering, deployment and sales teams, and make San Francisco a second engineering hub. "You can't make housing meaningfully cheaper without making it cheaper to operate," co-founder and CEO Minna Song told Fortune.
The numbers
- Round size
- $350 million
- Valuation
- $4 billion
- Prior valuation, August 2025 Series E
- $2 billion (TechCrunch); $2.2 billion (Fortune)
- Annual recurring revenue passed in June 2026
- $200 million
- Share of U.S. apartments on the platform (company)
- 1 in 6
- Americans who have interacted with EliseAI (company)
- 30 million+
Why CEOs should care
For property managers and medical practice leaders, the round is a signal that AI handling the front desk is no longer a pilot. A company that says it has passed $200 million in recurring revenue is being paid to answer leasing inquiries, route repair requests and book patient appointments at scale. Before signing, ask any vendor how often its agents hand off to a person, how errors are caught and corrected, and how conversations are logged for fair housing and patient privacy reviews.
For incumbent software makers, the pressure is direct. On the same day, AppFolio (APPF) unveiled a new version of its built-in Realm-X AI and said AI actions completed on its platform were up sevenfold year over year. Buyers now face a choice between the AI built into their system of record and a specialist layer like EliseAI that runs on top of it. CFOs should compare the full cost of each, including integration work, per-unit pricing and who owns the conversation data if they switch.
For boards and investors in other service-heavy industries, the math stands out. Investors valued EliseAI at 20 times the ARR mark it passed in June, by our calculation. They are paying for growth: the company says it has doubled revenue year over year for five straight years.
The bigger picture
EliseAI's bet, as Song described it to TechCrunch, is that housing and health care are two of the largest expenses for American households, so making them cheaper to run matters to millions of people. Song told SiliconANGLE these industries are among the most complex and entrenched, but also the most important. For renters and patients, the practical result is that the voice on the phone, or the text about a lease renewal or a referral, is increasingly likely to be software rather than a staff member.
What’s next
EliseAI said it is hiring in New York, San Francisco, Boston, Chicago, Austin and Toronto. Watch how quickly Apollo spreads across its property customers, whether the healthcare business grows as fast as housing, and how incumbents such as AppFolio price their own AI agents in response.
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