EliseAI $4B Valuation: Inside the $350M Series F Round

What happened

EliseAI, the New York-based company that sells AI automation to apartment operators and healthcare providers, has raised $350 million at a $4 billion valuation. The company announced the round on September 29, 2026. 3 That price is nearly double the $2.2 billion valuation it secured in its 2025 Series E, a little more than a year earlier. 12

Andreessen Horowitz and Bessemer Venture Partners, both existing backers, co-led the financing. 1 Ontario Teachers' Pension Plan joined as a new investor, and Sapphire Ventures and Navitas Capital also participated. 12 One analysis describes the deal as a Series F. 4

EliseAI says it will use the money to grow its engineering, deployment, and sales teams across its North American offices. It also plans to open a second engineering hub in San Francisco alongside its New York headquarters. 3 Earlier in September the company launched Apollo, an "agentic" AI teammate that it says can perform any task on the EliseAI platform. Apollo works inside the systems property teams already use and carries tasks through to completion. 3

The numbers behind the price

All of the reporting points to the same growth figures. EliseAI passed $200 million in annual recurring revenue in June and has doubled revenue year over year for five consecutive years. 12 The company says its software now touches roughly one in six U.S. apartments. 1 CEO Minna Song credited the valuation jump to a broader product lineup and deeper penetration in both housing and healthcare. 1

On those figures, the round values EliseAI at about 20 times ARR. 4 That is a rich multiple, but not an outlandish one for a vertical software company that keeps doubling. The real question is whether that pace can last now that the revenue base is in the hundreds of millions.

One trade publication covering multifamily housing sees the round as proof that AI in property management has moved well past early leasing chatbots. 2 Apollo's launch supports that view. EliseAI is presenting itself less as a front-desk assistant and more as software that does operational work end to end. 3

Two ways to read the cap table

The coverage agrees on the facts but differs on what the investor lineup signals.

The bullish reading focuses on Ontario Teachers'. It is the first public pension fund on EliseAI's cap table, and investors of that type usually wait for de-risked, near-IPO rounds rather than writing checks into private AI growth equity. 4 A pension fund showing up at this stage suggests EliseAI is starting to look like a durable, late-stage asset rather than a speculative bet.

The more cautious reading focuses on who set the price. This is the fourth consecutive round since 2023 that a16z and Bessemer have backed. 4 When insiders lead again and again, the valuation reflects less independent price discovery than it would with a new outside lead. That weakens any claim that the $4 billion figure is a disciplined, market-tested number. 4 Investors who already hold large positions have reasons to support a higher mark that a newcomer would not.

The public details describe the $350 million as capital for hiring, a new engineering hub, and product development. 3 That fits a company still in expansion mode rather than one making room for early holders to exit.

The competitive risk

The more important issue may be competition rather than valuation. RealPage and Entrata, established property-management software vendors, are now building rival AI features directly into the same accounts EliseAI is targeting. 4 Those incumbents already own the core systems of record for many operators. That gives them a distribution advantage if "good enough" AI comes bundled with software customers already pay for.

EliseAI's response, judging by Apollo, is to go deeper. Its pitch is AI that runs inside the tools property teams already use and finishes the job, rather than a separate add-on. 3 Expanding into healthcare also gives the company a second market, so it is not entirely exposed to a pricing fight in multifamily. 13

The verdict

This round is a strong vote of confidence, backed by real revenue and real market share. The doubling valuation follows directly from doubling revenue, and a pension fund on the cap table is a meaningful new signal. Still, two cautions apply: the price was set mainly by returning insiders, and well-funded incumbents are moving into EliseAI's core market. The roughly 20x multiple only holds up if growth continues. The next year of ARR results, more than this headline number, will show whether the valuation was earned.