EliseAI, which sells AI software that automates administrative work for apartment operators and medical practices, has raised $350 million at a $4 billion valuation, TechCrunch reported Tuesday. Andreessen Horowitz and Bessemer Venture Partners led the round, which roughly doubles the value investors put on the company in its previous raise.

What Happened

The new financing follows a Series E in August 2025 that TechCrunch said valued EliseAI at about $2 billion. Fortune, which also covered the round, put that earlier deal at $250 million and the resulting valuation at $2.2 billion, about 13 months before this one. Fortune reported that Ontario Teachers' Pension Plan joined as a new investor and that existing backers Sapphire Ventures and Navitas Capital also took part.

Founded in 2017 and led by co-founder and CEO Minna Song, EliseAI says it passed $200 million in annual recurring revenue in June. The company says its software is used by about one in six apartments in the United States. According to Fortune, more than 30 million Americans have interacted with the platform, and it handles about 5 million calls a month across housing and healthcare.

RelatedProofpoint to Buy Varonis for $6.3 Billion, Citing Risks of AI Agents' Data Access

Song told TechCrunch the company chose the two sectors because they represent "two of the largest expenses for American households."

The Products

In housing, EliseAI automates administrative and operational work for apartment owners and managers. Over the summer the company introduced Apollo, which it describes as an AI teammate that can carry out tasks across the platform, including leasing, maintenance and renewals. Fortune reported that Apollo is designed to keep people in charge of binding decisions: it does not approve or deny rental applications on its own or issue formal notices.

The healthcare business serves specialty physician groups. There, the software handles patient paperwork and coordination from the first inbound call through referrals, scheduling, insurance verification, chart preparation and follow-up.

Why It Matters

The round is one of the larger late-stage bets on a vertical AI company, one that sells agents built for a specific industry rather than general-purpose models. EliseAI's revenue figure gives investors something concrete to price at a time when many AI valuations rest on projected growth. At $4 billion, the company is valued at roughly 20 times the annual recurring revenue it reported in June.

Both of its markets depend on high-volume, repetitive communication. Property managers field prospect inquiries, maintenance requests and renewal questions, while specialty practices spend staff time on referral calls and insurance checks. Those are workflows where software can take over a large share of routine contact without making final decisions, which matches how the company describes Apollo's limits.

The lead investors are leaning into that category. Andreessen Horowitz had already backed EliseAI before this round, and Bessemer announced $5.75 billion in new funds with an AI focus last week, as The Primary Wire reported.

What to Watch

Fortune said the company plans to expand its engineering, deployment and sales teams across North America, open a second engineering hub in San Francisco and hire in New York, Boston, Chicago, Austin and Toronto. Open questions include how the new money is split between housing and the younger healthcare unit, and whether Apollo moves property operators toward more autonomous workflows while keeping approvals and legal notices in human hands, as the company says it will.