Reonomy, a commercial real estate analytics company headquartered in New York, today announced that it’s raised $60 million in series D funding led by Georgian Partners. Existing investors including Sapphire Ventures contributed alongside Wells Fargo Strategic Capital and Citi Ventures, bringing the startup’s total capital raised to $128 million following a $30 million series C in June 2018.
CEO Rich Sarkis said the fresh funding will bolster Reonomy’s R&D efforts while enabling it to scale its business to Canada, the U.K., and other international markets following “strong” customer demand. “There is no end to the number of individuals, companies and enterprises that have properties at the core of their businesses,” said Sarkis. “Despite real estate being the world’s largest asset class, the industry has been largely starved of cutting-edge solutions to core business problems because of the opaque nature of property information. We’re building a platform that connects the world of property information and empowers a new era of applications to unlock insights and opportunities for everyone.”
Reonomy’s commercial real estate platform leverages predictive analytics, big data, and unique identifiers to surface property information for individuals, teams, and companies alike. Courtesy partnerships with firms like CoreLogic, Black Knight, and Dun & Bradstreet, it’s compiled a database over the course of six years containing more than 50 million properties, 80 million companies, 300 million people, 38 million mortgages, and 68 million property sales.
Reonomy customers can uncover commercial property across 3,100 U.S. markets by location, date of last sale, origination date, owner portfolio, year built, asset type, and over 200 other filters. Asset profiles contain not only renovation details and sales and tax histories, but things like debt histories and opportunity zone statuses. (Opportunity zones are economically distressed communities where new investments are sometimes eligible for preferential tax treatment.) Plus, they’re accompanied by insights informed by AI models trained on “billions” of data points, like the likelihood a given property will sell.
From within Reonomy’s product suite, customers can also kick off sales and marketing campaigns targeting commercial property owners, which they’re able to find by name, phone number, mailing address, or email address. Clicking on an owner’s name reveals all associated properties, which can be mapped with access controls to specific users and teams.
“Reonomy has developed a powerful platform to integrate and resolve sources of commercial real estate data into a single, unique identifier for every CRE asset in the United States,” said Georgian Partners principal Emily Walsh. “This unique identifier is being leveraged by some of the largest enterprises in the world to tie together their public, proprietary and 3rd party data sources and to create a level of visibility into real estate assets that was previously unattainable.”
AI in real estate is a burgeoning segment. In January, Geophy raised $33 million to apply AI to commercial property appraisal. Israel-based Skyline AI, which announced an $18 million funding round in July 2018, uses a proprietary data set to make predictions about property values. Jointer.io, which emerged from stealth early last year, taps AI and blockchain technology to power its primary securities market for commercial properties. And New York-based Cherre leverages artificial intelligence to resolve property data from thousands of public, private, and internal sources in real time.