Point72 Private Investments is excited to be leading a $35M Series C round in EliseAI, the conversational artificial intelligence platform serving the real estate industry.
In multifamily real estate, we believe that demand for seamless and intuitive digital experiences among younger and tech-adept renter populations will grow commensurately. This is placing increased demand on multifamily operators to offer faster and more robust communication with renters. Historically, property managers have tried to meet these needs by hiring more leasing agents and on-site staff, but this has shown to be slow, cumbersome, and cost prohibitive, especially in recent inflationary times.
EliseAI’s platform fully automates interactions between tenants and multifamily operators, allowing property managers to scale operations while delivering excellent customer service to potential and existing tenants. The company combines conversational AI that we found to be best-in-class with critical workflows built around how modern multifamily operators work. These workflows can help solve the most time-consuming tasks for operators such as efficient scheduling, centralization of the workforce, rent collection and more. Beyond real estate, we believe the company is well primed to bring their technology to more verticals in the quarters and years to come.
While the introduction of technology like ChatGPT APIs has made AI more accessible, we think the biggest game changers lies with the industry-specific training that can make these applications truly effective. After interacting with competitors in the space, we are confident that EliseAI has built a unique and highly defensible business of empowering the operators of multifamily home.
Beyond real estate, the EliseAI team is looking at another market with similar trends: health care. As is the case in real estate, health care operators are increasingly burdened by administrative demands. In fact, about one-quarter of all healthcare spend in the United States is administrative. EliseAI’s platform seeks to automate the back-and-forth throughout the patient journey of finding and choosing a provider, booking and scheduling, providing intake information, billing, and subsequent follow-up.
We are thrilled to be partnering with EliseAI’s co-founders Minna Song and Tony Stoyanov, whom we believe are true visionaries. They have dedicated the last six years towards building advanced conversational AI for business automation long before many companies were considering adoption of AI. We are impressed by the way they have anticipated customer needs and build product in record time, driving deep customer satisfaction and retention. When we spoke to EliseAI’s customers, they were impressed at about how quickly they were able to scale operations, decrease vacancies, and increase tenant satisfaction, and they couldn’t wait to see what the EliseAI team had in store next.
We’re excited to welcome EliseAI to the Point72 Private Investments portfolio and look forward to supporting their next phase of growth.