EliseAI Raises $350M at $4B to Run Apartments on AI

EliseAI raised $350 million at a $4 billion valuation on September 29, 2026, led by Andreessen Horowitz and Bessemer Venture Partners. The price works out to roughly 20 times its annual recurring revenue, which is cheaper than the frontier labs get, and that is the point: the most valuable AI businesses of 2026 may be the unglamorous vertical ones that sell labour replacement with a revenue line you can audit.

• $350M at $4B, led by a16z and Bessemer, with Ontario Teachers' Pension Plan (new), Sapphire Ventures and Navitas Capital participating.
• $200M+ ARR as of June 2026, and revenue has doubled year over year for five straight years. That implies about 20x ARR.
• One in six U.S. apartments runs on EliseAI, which handles around 5 million calls a month.
• The valuation has quadrupled in about two years: $1B, then $2.2B, then $4B.

What does EliseAI actually do?

It answers the phone. That is the short version, and it undersells how much of a property manager's day lives behind that phone. EliseAI's housing platform handles leasing, resident communication, maintenance requests, renewals and billing. More than 30 million Americans have interacted with it, and it now powers roughly one in six U.S. apartments.

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The company started in 2017 as MeetElise, founded by Minna Song (CEO, MIT computer science) and Tony Stoyanov (CTO, Cambridge). Since 2023 it has also sold into healthcare, specifically to specialty physician groups, where it takes inbound calls, handles referrals and scheduling, verifies insurance, preps charts and follows up with patients. On September 3, 2026 it launched Apollo, an agentic AI teammate that performs tasks across platforms. It is also testing OpenAI's voice capabilities at scale.

Why would investors pay $4B for a leasing bot?

Because the revenue is boring in the best way. Five consecutive years of doubling, $200 million-plus in ARR, and a customer base where the value is measurable: a call answered, a work order routed, a renewal processed. Bessemer partner Sameer Dholakia, who joins the board, put it this way: "EliseAI has spent years building inside the day-to-day complexity of housing...producing measurable results for their customers."

Song's own framing is blunter. "Housing has enormous problems to solve, and we've grown by going deeper with our customers until we've solved the root causes." And: "The industries where AI matters most are still not the ones getting the most attention." That second line is also a fair description of where the money is starting to move.

What it means for the valuation

This is a private-market price, so treat it as a negotiated number rather than a market-clearing one. Still, the trajectory is informative. The Series D in August 2024 was $75M led by Sapphire at $1B. The Series E in August 2025 was $250M led by a16z at $2.2B. Now $350M at $4B. Each round was bigger than the last, and the valuation step-up was roughly 2.2x, then roughly 1.8x. Total disclosed funding is $675M-plus.

Who is exposed? Early investors, obviously, and a16z, which led the Series E and has now leaned in again. More interesting is the pricing reference it sets. At about 20x ARR with a doubling growth rate, EliseAI gives other vertical AI startups a comp grounded in collected revenue rather than a model-capability narrative. The direction of risk is also clear: a 20x multiple only holds if the growth does. Five years of doubling is the asset being priced, and a slowdown would compress the number faster than any competitor could.

We track rounds like this in our Funding Tracker, and it is worth reading against the list of biggest AI funding rounds: EliseAI is small next to those, yet its revenue base is the kind most of them are still trying to build.

Who else is chasing housing AI?

Coverage of the round names a handful of peers. Only Flow is priced anywhere near EliseAI on disclosed numbers, though some of the others are well funded.

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Prosper AI being a16z-led is a small tell. The same firm that led EliseAI's Series E is placing smaller bets nearby, which is what a firm does when it believes the category is real.

Where is the money going?

The use of funds is unsurprising. EliseAI plans to automate more of its customers' operations and to grow engineering, deployment and sales across North America. San Francisco becomes a second engineering hub alongside its New York headquarters, which occupies the former Tiffany building (109,000 square feet). The hiring plan matters because deployment is where vertical AI companies win or lose: each property group and each physician practice has its own systems to plug into.

1. 2017Founded as MeetEliseMinna Song and Tony Stoyanov
2. Aug 2024Series D, $75M at $1BLed by Sapphire
3. Aug 2025Series E, $250M at $2.2BLed by a16z
4. Sept 3, 2026Apollo launchesAgentic teammate across platforms
5. Sept 29, 2026$350M at $4Ba16z and Bessemer lead

Our take

The frontier labs get the headlines and the astronomical multiples, but EliseAI is the cleaner business to explain. It replaces a measurable amount of human administrative work, it bills for it, and it has doubled for five years running. If you believe AI's first durable profits come from substituting for call centres and back offices, this is what that looks like on a cap table.

The caution is the multiple. Twenty times ARR is reasonable for a doubling company and expensive for a slowing one, and the healthcare push, plus a new agent product, is partly a bet that growth stays on that curve as housing matures. We would watch two things before calling this a template for the category: whether healthcare becomes a meaningful share of revenue, and whether any peer discloses a valuation at a similar multiple.

Original analysis by GenZTech. Source: Ontario Teachers' Pension Plan.