EliseAI Valuation Hits $4B as Revenue Multiple Holds Near 20x

The deal

EliseAI, the New York company that automates leasing and back-office work for landlords and, increasingly, health systems, has raised $350 million in a Series F round at a $4 billion valuation.3 Andreessen Horowitz and Bessemer Venture Partners co-led the round. Ontario Teachers' Pension Plan, Sapphire Ventures and Navitas Capital also participated.23 It is the fourth time a16z and Bessemer have backed the company since 2023.2

The headline figure nearly doubles the $2.2 billion valuation from EliseAI's Series E roughly 13 months earlier.23 Chief executive Minna Song said the round is entirely primary capital, with no secondary sale for early investors or employees.2 The money will go toward expanding engineering, deployment and sales teams, and toward building a second engineering hub in San Francisco.3

The numbers behind the price

EliseAI's case to investors rests on growth. In June 2026 it reported crossing $200 million in annual recurring revenue, its fifth straight year of doubling revenue.23 The company says its software runs in one in six US apartments and that more than 30 million Americans have interacted with it.2

Those figures change how the valuation reads. At $4 billion against roughly $200 million in ARR, EliseAI is priced at about 20 times revenue. That is close to where it has been priced before. Dealroom's records put the 2024 Series D at a $1 billion valuation and 19.4x EV/revenue, and the 2025 Series E at $2.2 billion and 20.0x.1 For this round, Dealroom lists a $3.7 billion valuation at 18.5x.1

So the doubling in valuation came from revenue doubling. Investors did not decide to pay more for each dollar of revenue. In a market where AI deals often look priced on narrative, EliseAI's step-ups have followed its growth fairly closely.

Where the figures disagree

The reporting does not line up on every number.

• Final valuation. Bisnow reports that the $4 billion price ended up well above a $3.7 billion target reported only weeks earlier in August. It reads that gap as evidence that investor demand was stronger than EliseAI expected.4 The $3.7 billion figure matches Dealroom's database entry.1
• A conflicting body figure. Dealroom's own news writeup carries a $4 billion headline but cites a $2.59 billion valuation in its text.2 That looks like an internal inconsistency, not a competing claim.
• Series E size. Dealroom's database lists the Series E at $250 million.1 Its news item gives $183.3 million.2

The most consistent reading is that the round was set around $3.7 billion and closed at $4 billion after demand ran hot. Even at the higher price, the implied multiple stays within the range of the previous two rounds. Strong demand pushed the price up only modestly.

The labor question

Bisnow also reports something the funding announcement does not mention. EliseAI reportedly gave property operators a 262-page internal playbook on using its AI to cut leasing and administrative hours by 40% and payroll by 10% to 20%. The playbook reportedly includes templates for managing how the resulting job cuts are perceived.4

If accurate, this shows what customers are paying for. The company presents its product as "efficiency" and lighter administrative workloads, but in practice that means fewer staff hours. That is a large part of why a vertical AI company can grow this fast. Customers can measure the return directly in payroll savings.

Why it matters

The round fits a wider pattern of investors favoring AI companies that automate complex, industry-specific workflows rather than general-purpose tools.3 Bank of America Institute data show AI spending growth among mid-sized firms peaked in August. Adoption is concentrated in service sectors such as healthcare and education, where the targets are administrative tasks, documentation and communication.3 EliseAI works in exactly those areas, in housing and now healthcare.

The peak-spending data is a reason for caution. If mid-market AI budgets are leveling off, keeping up a fifth-year-style doubling gets harder. That would put pressure on a valuation that, while disciplined, still assumes rapid compounding.

The takeaway

The headline is a near-doubled valuation. The more telling detail is the steady multiple. EliseAI has been priced at roughly 18x to 20x revenue across three rounds, and the jump to $4 billion reflects revenue growth, not investors paying more per dollar of revenue. The open questions are whether growth can stay at that pace as mid-market AI spending cools, and how operators, tenants and regulators respond if the reported job-cut playbook becomes widely known.