Israeli Generative AI for real estate startup, Colleen AI, raised a $3.5 million Seed funding round led by Wilshire Lane Capital (backed by Morgan Properties) with participation from Skybox Capital.
Colleen AI has amassed a large clientele list already, standing at over 2.5 million units. Morgan Properties, Magnolia Capital, and National Home Rentals (residential portfolio companies of Skybox Capital) are existing customers of the startup. The capital injection will fuel its market outreach endeavors while propelling growth in product development, engineering, and data science fields.
According to Adam Demuyakor, Founder and Managing Partner at Wilshire Lane Capital, the startup's Generative AI modules enable residents to stay on top of their rent while ensuring optimal operational efficiency for apartment communities. Demuyakor joined Colleen AI's board following the funding round.
Data from NMHC suggests that nearly 1 in 5 multifamily residents face rent payment delays. Colleen's technology, using AI and automation, intervenes not just in rent collection but throughout the resident's journey, resulting in a significant 30% dip in unpaid rents. This translates to massive savings in terms of both time and money for multifamily businesses.
Colleen AI integrates with top property management software providers such as Yardi, RealPage, Entrata, RentManager, and ResMan, allowing for effortless synchronization of resident and property information, providing a unified platform for easy access to payment predictions and insights.
Since its 2021 inception, the company has doubled its employee base and continues to expand, particularly in the sales and customer success sectors.
