Sacra estimates that EliseAI hit $200M in annual recurring revenue (ARR) in May 2026, up from $150M at the end of 2025.

EliseAI nearly doubled ARR in each of the prior two years, growing from approximately $37M at the end of 2023 to $75M at the end of 2024 and $150M at the end of 2025.

Growth has come from adding large multifamily operators and expanding within existing accounts as customers adopt more housing workflows. Housing remains EliseAI's largest revenue driver, with the company serving more than 600 owners and operators and covering roughly one in six US apartment units by mid-2026.

Healthcare, launched in 2023, provides a second growth engine by automating front-desk workflows for outpatient specialty practices, although EliseAI has not disclosed the revenue split between its housing and healthcare businesses.

EliseAI raised a $250M Series E in August 2025, led by Andreessen Horowitz, with participation from Bessemer Venture Partners, Sapphire Ventures, Point72 Private Investments, Koch Real Estate Investments, DivcoWest Ventures, JLL Spark, and Navitas Capital.

Before the Series E, EliseAI raised a $75M Series D in August 2024, after a Series C in June 2023 that raised $35M.

EliseAI has raised more than $400M in total funding across all rounds. Additional investors include Golden Seeds.

EliseAI automates the high-volume communication and workflow tasks that accumulate in leasing offices and medical front desks.

A renter or patient can reach out by phone, text, email, or web chat, and EliseAI responds immediately, answers the question, and takes the next action inside the operator's existing software rather than stopping at a reply. That next action might be booking a tour, creating a maintenance ticket, sending a renewal notice, setting up a payment plan, or scheduling a doctor's appointment.

In housing, the product spans much of the prospect-to-resident lifecycle. A prospective renter who texts a property at 11pm asking about pet policy and weekend availability gets an instant answer, a unit recommendation based on current inventory pulled from the property management system, and a tour booking, without a leasing agent touching it. The same system then handles maintenance requests, renewal conversations, and delinquency follow-ups after move-in, keeping a unified record of interactions across channels.

EliseCRM sits underneath this as EliseAI's control layer for housing operators. It centralizes prospect and resident data, conversation history, scheduling, and fee logic in one place, giving operators a way to monitor activity, standardize processes across a portfolio, and review what the AI handled versus what it escalated to staff. Two newer housing modules extend the product into compliance and revenue assurance: Lease Audits uses AI to compare signed leases against resident ledgers and flag missed charges or billing errors across a portfolio in days rather than weeks, while the Fee Transparency Suite centralizes recurring and one-time fees in EliseCRM and pushes that data into quotes, applications, website widgets, and state-specific disclosures automatically.

In healthcare, the same operating pattern applies to outpatient specialty practices. A patient calling a dermatology or orthopedic practice after hours can get an appointment booked, an insurance question answered, or a refill request routed, with the result written back directly into the EHR. EliseAI integrates with systems like Athenahealth, ModMed, Nextech, and eClinicalWorks, and its scheduling logic enforces provider-matching rules, visit-type restrictions, and insurance requirements rather than just finding an open slot on a calendar.

EliseAI sells B2B subscription SaaS priced per unit per month, targeting housing operators and outpatient healthcare organizations through a sales-led, demo-driven motion. Customers do not self-serve; onboarding includes system integration, knowledge configuration, and a structured go-live process, which suggests annual enterprise contracts are the standard commercial form.

The product follows a land-and-expand sequence. A housing operator typically starts with leasing automation, then adds VoiceAI, maintenance, renewals, delinquency, and eventually EliseCRM and compliance modules like Lease Audits and Fee Transparency. Over half of housing customers use three or more products, so expansion revenue appears to be a material part of growth alongside new logo acquisition.

EliseAI's cost structure has more variable weight than pure-seat SaaS because the platform runs high-volume voice, SMS, and email interactions in live operating environments, with inference and telephony costs scaling with usage. Implementation and customer success also carry meaningful cost given the integration depth required. At scale, the model improves as one platform supports many modules across the same customer base and automation rates remain high.

EliseAI enters through a painful, high-frequency workflow, proves ROI quickly through faster lead response, reduced staffing burden, and better collections, and then expands into adjacent modules that raise switching costs. As it takes on more workflows inside a customer's operation, displacement becomes harder because removing it would create service gaps across leasing, maintenance, renewals, and resident communications simultaneously.

EliseAI competes in two markets, multifamily housing operations and outpatient healthcare access, where incumbent software vendors are adding AI to existing systems and AI-native vendors are competing on narrower workflows. In both markets, competition centers on whether buyers prefer a system-of-record bundle or a specialist product with deeper automation.

The main structural threat to EliseAI in housing comes from property management system vendors that already control the system of record.

Yardi, with an estimated roughly $2B in annual revenue, now markets Chat IQ as a native multi-agent leasing assistant grounded in verified Yardi data and audited for Fair Housing compliance before sending. Its pitch is straightforward: third-party AI tools are bolt-ons, while Yardi's AI sits inside the same platform that runs rent collection, accounting, and the resident portal. Entrata has gone further, announcing what it calls the industry's first agentic property management system with more than 100 embedded AI agents and a strategic collaboration with OpenAI to accelerate autonomous property management across its roughly 2.5 million units. AppFolio, serving more than 20,000 customers and 8 million units, is taking a similar approach through its Realm-X agentic layer across leasing, accounting, and resident operations.

For EliseAI, the risk is less that these platforms immediately match its conversational quality and more that buyers at large portfolios already standardized on Yardi or Entrata decide native AI is good enough and prefer a single vendor relationship.

Funnel is the clearest direct rival because it competes on the same thesis, AI-first automation for multifamily communications rather than AI added onto a legacy PMS.

Funnel markets itself as a CRM and agentic AI platform for multifamily and has published blind tests claiming renters prefer its chat and voice AI over major competitors. Its strategy is to compete on leasing conversion while using CRM bundling to make displacement harder, targeting the same budget lines as EliseAI around leasing labor, lead conversion, and portfolio centralization. RealPage, which launched its Lumina AI Workforce platform in 2025 across its 24 million unit footprint, adds pressure from a vendor with deep enterprise relationships and a large installed base.

BetterBot and LeaseHawk are narrower specialists that can win in specific segments, BetterBot in leasing agent automation and LeaseHawk in call intelligence and after-hours coverage, without matching EliseAI's full platform breadth.

In healthcare, EliseAI faces competitors that have been building patient-engagement infrastructure for longer and, in some cases, have deeper EHR integration or broader enterprise adoption.

Luma Health and Artera compete on the same operational promise: reduce phone burden, automate scheduling and follow-up, and move patients to the next step across voice, SMS, and chat. Phreesia is a particularly relevant competitor because it combines patient-engagement workflows with public-company scale and a purpose-built VoiceAI that it says handles 80% of calls end-to-end with automatic chart write-back, the healthcare analogue to Yardi or AppFolio bundling AI into a platform customers already use. Hyro competes at the enterprise health-system level, claiming live deployment across more than 50 health systems and automation of more than 85% of routine interactions, which matters if healthcare AI purchasing shifts into larger centralized procurement processes.

NexHealth, serving more than 20,000 medical and dental practices, can block EliseAI in smaller outpatient accounts by offering scheduling and communications automation in a simpler package, without the implementation depth that EliseAI's platform demands.

EliseAI's expansion logic has two parallel components: deeper penetration within its existing housing customer base through additional workflow modules, and replication of its housing playbook across outpatient healthcare specialties with similar operational bottlenecks.

EliseAI's own research shows that 76% of multifamily operators currently use multiple AI vendors and more than a quarter are actively prioritizing consolidation.

That creates an opening for EliseAI to replace fragmented point tools with a broader bundled platform that centralizes communications, workflows, and reporting under one contract. The Lease Audits and Fee Transparency modules extend EliseAI from the interaction layer into revenue assurance and compliance, higher-stakes workflows that can command larger budgets and increase retention. The March 2026 launch of Agent by EliseAI, which extends the platform into frontline workflow orchestration for onsite teams, pushes in the same direction.

Healthcare is the largest greenfield expansion vector in the story, and EliseAI's approach is to build specialty-specific workflow intelligence rather than sell a generic scheduling bot.

The company already markets purpose-built workflows for women's health, dermatology, ophthalmology, orthopedics, and primary care, each built around clinic-specific edge cases such as subspecialty routing, insurance restrictions, multi-appointment bundling, and prior authorization workflows. Those same primitives appear reusable across adjacent outpatient categories with similar front-desk pain, including GI, behavioral health, fertility, pediatrics, ENT, and urology. The company's claim that it automates 95% of patient inquiries in ophthalmology, if it holds across new specialties, points to a clear ROI case for practice administrators facing staffing shortages and rising administrative costs.

EliseAI's penetration of the NMHC Top 50 is already deep, which means future housing growth increasingly depends on mid-market operators, affordable housing portfolios, student housing, and single-family rental. These are segments where the core product is already marketed, but where implementation capacity and tech stack fragmentation can slow adoption.

Canada appears to be the most natural international expansion, with EliseAI publishing a dedicated Canadian multifamily report in May 2026 and noting that fewer than half of Canadian operators have fully deployed AI into daily operations. The Zillow Rentals partnership, which showed renters interacting with EliseAI-powered listings were 43% more likely to apply and 24% more likely to sign a lease, points to a broader partnership strategy: embedding EliseAI upstream into lead origination at the marketplace level, which widens distribution and strengthens the data advantage that makes the platform harder to displace.

Platform disintermediation: Yardi, Entrata, and AppFolio each control the system of record for large housing portfolios and are bundling native agentic AI directly into their platforms, so EliseAI's integration partnerships with those same vendors could become distribution bottlenecks if incumbents keep AI budget inside their own ecosystems rather than routing it to a third-party layer.

Compliance exposure: EliseAI is expanding into legally sensitive workflows across housing and healthcare, including fee disclosures, affordable-housing qualification, delinquency communications, HIPAA-covered patient interactions, and prior authorization routing, where a single model error or disclosure failure can carry regulatory consequences that are disproportionately large relative to the cost of the underlying subscription.

Beachhead saturation: With 75% of the NMHC Top 50 already on platform and roughly one in six US apartment units covered, EliseAI's next growth vectors, mid-market housing, affordable, Canada, and new outpatient specialties, involve buyers with lower internal implementation capacity, more fragmented tech stacks, and more specialized compliance requirements, which raises customer acquisition and support costs relative to the original enterprise multifamily wedge.