Artificial intelligence startup EliseAI has raised $350 million in a new funding round that values the company at $4 billion, doubling its valuation since its Series E funding round last August.

The round was co led by Andreessen Horowitz and Bessemer Venture Partners, highlighting continued investor interest in artificial intelligence companies developing business focused applications.

Founded in 2017, EliseAI develops software that automates administrative and operational tasks for companies in the housing and healthcare sectors.
The company said its technology is now used by one in six apartments across the United States. It also reported that its annual recurring revenue exceeded $200 million earlier this year.

EliseAI recently introduced Apollo, an artificial intelligence teammate designed to assist with tasks within its platform.

The company said Apollo is integrated into the same system used for leasing, maintenance and renewals, allowing it to support different roles across property management teams.

The company also applies its technology to healthcare, where it helps specialty physician groups manage patient related administrative tasks.
These include handling initial calls, referrals, scheduling, insurance verification, chart preparation and follow up.

EliseAI said it has focused on housing and healthcare because they represent two major areas of household spending in the United States.

Source: TechCrunch