EliseAI Valuation 2026: $4B After a $350M Series F, Up From $2.2B a Year Earlier

EliseAI is now worth $4 billion after a $350 million round announced September 29, 2026 — roughly double the $2.2 billion valuation it set just 13 months earlier — on the strength of an AI "teammate" product that now runs more than $200 million in annual recurring revenue.

Most AI valuations in 2026 are still a bet on a narrative. This one is different: EliseAI's step-up tracks real usage. Its software now handles leasing calls, maintenance scheduling, and renewal paperwork on roughly one in six apartments in the country, nine years after the company's 2017 founding — a slower build than the venture-backed AI companies racing from launch to unicorn in under two years, but one with a revenue base to show for it.

EliseAI Valuation: $4B, Up From $2.2B a Year Earlier

EliseAI closed a $350 million round at a $4 billion valuation, the company announced via wire release on September 29, 2026, a round TechCrunch also covered, with Andreessen Horowitz and Bessemer Venture Partners co-leading for the fourth time since 2023. Sapphire Ventures and Navitas Capital returned, and Ontario Teachers' Pension Plan joined as a new investor — a notable signal, since pension and sovereign capital typically waits for later-stage or pre-IPO rounds rather than writing growth-equity checks into a private AI company.

Figures from TechCrunch's reporting on the Series F and EliseAI's own disclosed usage and ARR figures, as of September 29, 2026.

Founded in 2017 by CEO Minna Song, EliseAI builds an AI "teammate" called Apollo that automates administrative and operational work for housing and healthcare operators: lease renewals, maintenance scheduling, and patient paperwork for specialty physician groups. The company says its software now runs on roughly one in six apartments across the country. See the full company profile on the EliseAI company page, and compare the trajectory against other AI companies on the AI Valuations dashboard.

EliseAI's Funding History: $1B to $4B in Just Over Two Years

EliseAI has raised roughly $742 million across eight rounds since a $1.93 million seed round in March 2019, per Crunchbase-tracked funding data. The valuation trajectory is the real story: the company crossed $1 billion and unicorn status only in August 2024, then doubled twice more in the two years that followed.

The Series D figure is disclosed only as crossing the $1B unicorn threshold; EliseAI has not published an exact Series D valuation number.

The August 2024 Series D raised $75 million, led by Sapphire Ventures with Navitas Capital, Point72 Private Investments, Divco West, and Koch Real Estate Investments participating, pushing EliseAI past the $1 billion mark and making it one of New York City's newest unicorns, per Bisnow's reporting at the time. A year later, the August 2025 Series E raised $250 million at a $2.2 billion valuation, led by Andreessen Horowitz with Bessemer, Sapphire, and Navitas returning, as TechStartups reported — doubling the prior mark on the back of revenue that had grown roughly 100% year-over-year for five consecutive years. The September 2026 Series F repeated that doubling pattern almost exactly, again on real ARR growth rather than a valuation reset detached from the business.

How EliseAI Makes Money: Housing and Healthcare Automation

EliseAI sells Apollo, its AI teammate, as a workflow-automation layer rather than a point feature. On the housing side, it handles leasing calls, maintenance-request triage, and lease-renewal paperwork for apartment owners and operators — the company says it covers roughly one in six apartments nationwide. On the healthcare side, the newer and smaller of its two verticals, it automates patient scheduling and administrative paperwork for specialty physician groups.

• Workflow automation, not a chatbot bolt-on: Apollo replaces the end-to-end task — a leasing call or a renewal form — rather than answering questions about it.
• Real usage at scale: more than $200 million in ARR and roughly one in six U.S. apartments, after nine years of building rather than a two-year sprint.
• Cost pressure as a tailwind: multifamily operators facing slower rent growth have an easier time justifying automation spend that cuts per-unit operating cost than discretionary or amenity spend.

That cost-pressure backdrop matters for the thesis: a tool that automates leasing calls, renewal paperwork, and maintenance scheduling is a budget line operators can justify even in a tighter rent environment, which is different from AI spend predicated on new revenue rather than cost savings.

The Bull Case: Vertical AI Winning on Unglamorous Workflows

The thesis behind EliseAI's valuation is that the most durable AI businesses aren't general-purpose assistants — they're narrow automation tools solving a specific, unglamorous, operationally complex back-office problem. Apartment leasing and specialty-practice paperwork aren't exciting categories, which is precisely why incumbents hadn't automated them well before EliseAI showed up with nine years of focused execution.

Ontario Teachers' Pension Plan joining the round as a new investor is a signal worth tracking beyond this one deal: late-stage, revenue-generating AI companies are starting to pull in institutional capital that has historically waited for an IPO. If that pattern holds across other vertical-AI leaders, it changes who funds the last private rounds before a listing.

Where I Could Be Wrong: Incumbents Are Building the Same Features

The clearest risk to EliseAI's valuation isn't another AI-native startup — it's the incumbents it's trying to displace. AppFolio and Entrata, both full-suite property-management platforms that EliseAI's own customers already run on, are shipping their own AI leasing and automation features directly into those accounts. That's a materially harder fight than competing with another point solution, because the incumbent doesn't need a landlord to rip out an existing system — it just needs to ship a feature into one they already use.

A second honest caveat: EliseAI's own $200 million-plus ARR figure and usage claims come from the company itself, relayed through its funding announcement and investor reporting, not an independent audit. That's standard for a private company at this stage, but it means the 20x revenue multiple this piece cites is only as reliable as that self-reported number.

This likely means the next 12-18 months are the real test: whether EliseAI's healthcare expansion — still the smaller of its two verticals — scales the way housing did, and whether Funnel Leasing, Knock, or Domos respond with their own growth rounds to keep pace rather than ceding the category.

EliseAI vs Funnel Leasing, Knock, Domos, AppFolio, and Entrata

EliseAI's bet is that automating the full workflow end-to-end beats a point solution or an incumbent's bolt-on AI feature — a thesis that $200 million-plus in ARR meaningfully tests, but doesn't yet prove against better-distributed incumbents.