EliseAI's $4 Billion Valuation Is 20 Times Its $200 Million in Recurring Revenue
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EliseAI's $4 Billion Valuation Is 20 Times Its $200 Million in Recurring Revenue
Andreessen Horowitz and Bessemer led a $350 million round for the leasing and patient-intake automation company, which now says it powers one in six U.S. apartments.
EliseAI, the New York company that automates leasing and patient intake, announced a $350 million round on September 29, 2026 at a $4 billion valuation, led by Andreessen Horowitz and Bessemer Venture Partners. Against the $200 million in annual recurring revenue the company reported as of June, that is 20 times ARR.
The $4 billion is described by CRE Daily as a growth-equity round, and neither outlet I read says whether it is pre-money or post-money. If post-money, the $350 million bought about 8.75% of the company. The round is announced. I did not retrieve a press release or a filing that shows how much has closed.
The multiple and the step-up
The AI Insider reports a prior valuation of $2.2 billion from a Series E in 2025, so the price rose about 1.8 times. Revenue growth is the justification: EliseAI says it has doubled revenue for five consecutive years, which is a company-supplied figure that no filing backs.
A 20x ARR multiple is high for a business that sells to property managers on software contracts. It is defensible only if the ARR is recurring in the contractual sense and if growth stays near 100%, since the multiple on next year's revenue would then fall to 10 times. Neither source breaks ARR into housing and healthcare.
- Series E, 20252.2 $B
- September 2026 round4 $B
Source: The AI Insider and CRE Daily, accessed 2026-10-05
Who is in the round, and who is not
Beyond the two leads, Ontario Teachers' Pension Plan, Sapphire Ventures and Navitas Capital participated. The sources name no prior investor re-upping, so whether earlier backers took their pro rata is unknown.
What the money buys
EliseAI runs two products. The housing one handles leasing, maintenance and renewals. The healthcare one covers patient intake, scheduling, insurance verification, referrals and follow-up for specialty physician groups. CRE Daily says it launched Apollo, described as an "agentic AI teammate" that works inside property-management systems across leasing, resident messages, maintenance, billing and renewals.
The company says its platform powers one in six U.S. apartments and that more than 30 million Americans have interacted with it. Both are company claims. "Powers" is not defined in either source, so it could mean a full leasing workflow or a chat widget on a listing page.
Proceeds go to engineering, deployment and sales hiring, and to a second engineering hub in San Francisco beside the New York headquarters. EliseAI also keeps offices in Boston, Chicago, Austin and Toronto.
| Metric | Figure | Who reported it |
|---|---|---|
| Round | $350M | CRE Daily, The AI Insider |
| Valuation | $4B | CRE Daily, The AI Insider |
| ARR, June 2026 | $200M | CRE Daily, The AI Insider |
| Share of H1 proptech funding | about 8% | CRE Daily |
CRE Daily puts the round at roughly 8% of the $4.53 billion that went into 231 proptech deals in the first half of 2026. At the $19.6 million average deal size that implies, one company took in as much as about 18 typical deals. Compare the RobCo valuation, which rested on a $40 million employee sale, or the Varda Series D, where the buyer is a government.
The next number to watch is ARR. A figure above $250 million at the next disclosure would put the multiple at 16 times and show whether 100% growth is holding.
Sources
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