EliseAI Raises $350 Million at 20 Times Revenue Run Rate

EliseAI, the New York company that automates leasing and patient paperwork, announced on Sept. 29 that it raised $350 million at a $4 billion post-money valuation. Against the $200 million in annual recurring revenue it reported as of June, that is 20 times run-rate revenue.

The company's release says Andreessen Horowitz and Bessemer Venture Partners led the round, with Ontario Teachers' Pension Plan, Sapphire Ventures and Navitas Capital participating. It calls the money raised. No filing has yet confirmed the amount as closed.

What the $350 million round includes

Annual recurring revenue, or ARR, is a run-rate: subscription revenue as of one month, multiplied out to a year. The release puts it at more than $200 million as of June 2026, after revenue doubled year over year for five straight years. The round was priced three months after that reading, so 20 times is a ceiling on the multiple, not a floor.

Fortune reported that Ontario Teachers' is a new investor, that Sapphire and Navitas are existing ones, and that the round was entirely primary capital, with no secondary sales. That last detail matters. Founders and early holders did not sell shares into the round, so the $350 million goes onto the balance sheet.

Minna Song, EliseAI's co-founder and chief executive, said in the release: "The industries where AI matters most are still not the ones getting the most attention." Sameer Dholakia, a partner at Bessemer Venture Partners, joins the board as part of the financing.

The last round, priced two ways

The two most detailed reports disagree on the starting point.

Round	Date	Amount	Valuation
Series E	Aug. 2025	$250 million	$2.2 billion (Fortune)
Series E	Aug. 2025	Not given	$2 billion (TechCrunch)
This round	Sept. 29, 2026	$350 million	$4 billion post-money

TechCrunch headlines the round as a doubling, which holds against its $2 billion figure. Against Fortune's $2.2 billion the step-up is 82 percent. Neither report says whether the earlier figure was pre-money or post-money, so the comparison carries that caveat. The sources give no ARR for the 2025 round, which means the change in the revenue multiple cannot be calculated.

Revenue growth is the reason investors would accept a 20 times multiple. Fortune quoted Song attributing the growth to "execution rather than any single catalyst" and said the platform handles about 5 million calls a month across housing and healthcare. The company says it powers roughly one in six U.S. apartments, and that more than 30 million Americans have interacted with it since it was founded in 2017.

What the money is for

The release names three uses: automating more of customers' operations, growing engineering, deployment and sales teams in North America, and opening San Francisco as a second engineering hub next to New York. TechCrunch reported that EliseAI has launched Apollo, an A.I. assistant for property-management roles, and that in healthcare it handles referrals, scheduling, insurance verification, chart prep and follow-up for specialty physician groups. Song told TechCrunch the company chose housing and healthcare because they are "two of the largest expenses for American households."

The scale is modest beside the round sizes in the largest A.I. financings. OpenAI is seeking $30 billion, and Bessemer, one of EliseAI's two leads, closed a $5.75 billion fund with 70 percent earmarked for growth-stage A.I. rounds. The whole EliseAI round is about 6 percent of that fund's size, and Bessemer's own cheque is a fraction of it.

The company did not disclose profitability, gross margin or headcount. Fortune said it is hiring in New York, San Francisco, Boston, Chicago, Austin and Toronto. The next number to watch is ARR at the end of 2026: to hold a 20 times multiple against a $4 billion price, the company would need to show revenue near $400 million within another year of doubling.