EliseAI, a nine-year-old startup that automates back-office work for landlords and medical practices, has raised $350 million in new funding at a $4 billion valuation, double the $2 billion mark it set just over a year ago. The round was led by Andreessen Horowitz and Bessemer Venture Partners, the same two firms that backed the company's prior raise.
The business EliseAI has built is narrower than the eye-catching valuation might suggest, and that's largely the point. In housing, its software handles leasing inquiries, maintenance requests and lease renewals for property managers; in healthcare, it manages scheduling, insurance verification and chart preparation for specialty physician groups. The company says its tools are now in use at properties covering roughly one in six apartments nationwide, and it has crossed $200 million in annual recurring revenue, according to figures the company disclosed over the summer.
Vertical AI keeps pulling in capital
The raise fits a pattern that has defined 2026's venture market: investors continuing to write large checks for AI companies that automate a specific, unglamorous category of white-collar work, rather than general-purpose chatbots. EliseAI's pitch leans on that framing directly, with chief executive Minna Song describing housing and healthcare administration as two of the largest expense categories American households and small medical practices face. The company has also been pushing further into agentic software, recently launching a product called Apollo that Song has said can act across every role on a property management team, from leasing agent to maintenance coordinator.
The round adds EliseAI to a short list of vertical-AI companies that have reached multibillion-dollar valuations this year without the broader name recognition of foundation-model labs. For property managers and physician groups, the bigger question is less about EliseAI's balance sheet than about how quickly software like this reshapes staffing needs in two industries that have historically relied on large administrative headcounts. EliseAI says the new capital will go toward deepening its products in both sectors rather than expanding into new verticals, at least for now.
