EliseAI Raises $350M at $4B Valuation, Backed by a16z

EliseAI has raised $350 million at a $4 billion valuation, double what the company was worth when it closed its Series E in August 2025, the startup announced on Tuesday.

Andreessen Horowitz and Bessemer Ventures co-led the round. The New York-based company, founded in 2017, automates administrative and operational work for housing and healthcare companies.

The scale of adoption is the number that stands out. EliseAI says its software is now used by 1 in 6 apartments across the United States. This summer, the company announced it had passed $200 million in annual recurring revenue — a milestone that helps explain how the startup doubled its valuation in roughly thirteen months.

Earlier this month, EliseAI launched an AI "teammate" called Apollo, designed to handle tasks inside the EliseAI platform. The product sits on top of an operating system the company has already installed across property management operations.

"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 housing business remains the core. EliseAI's tools manage the workflows that dominate property operations: leasing, maintenance coordination and lease renewals. One in six apartments running on its software gives the company a distribution base that most enterprise AI startups in vertical markets cannot match.

Healthcare is the second leg. EliseAI automates patient-related paperwork for specialty physician groups, extending a workflow automation model proven in housing into a sector with similarly heavy administrative loads.

"It's from the first inbound call through referrals, scheduling, insurance verification, chart prep, and follow-up, so nothing falls through the cracks," Song said of the healthcare product.

The choice of sectors is deliberate. Song said the company targeted housing and healthcare because they are two of the "largest expenses for American households." Both industries share a defining trait: enormous volumes of repetitive administrative work, thin margins on labor, and entrenched resistance to software modernization — conditions that reward an automation vendor able to embed itself in daily operations.

The round signals continued investor appetite for vertical AI companies with proven revenue rather than pure model plays. EliseAI's $200 million ARR and near-ubiquitous presence in multifamily housing give a16z and Bessemer a business that looks less like a bet on frontier capabilities and more like an infrastructure investment in two industries still running on phone calls and paperwork.

The doubling of valuation in just over a year also sets a high bar. With Apollo now shipping and the healthcare business scaling, EliseAI will need to show that its AI agents can deepen penetration in apartments while replicating that traction across physician groups — the test that will determine whether the next round continues the trajectory.