AI powered data platform Reonomy aimed at the commercial real estate industry has confirmed securing $60 million Series D financing led by Georgian Partners. The round saw participation from Wells Fargo Strategic Capital and Citi Ventures along with the existing backer, Sapphire Ventures. Before this round, Reonomy had picked up $30 million in its Series C funding round led by Sapphire Ventures in June last year. The latest funding takes the total amount secured by Reonomy to $129.4 million.
Founded in 2013 by Charlie Oshman, Guillermo Sanchez, Harlan Milkove, and Richard Sarkis, the platform utilizes the s big data and machine learning techniques to a good effect in the real estate segment. The firm says that it will use the funds to boost its R&D efforts and at the same time, a decent chunk of the sum will go towards the scaling of the company's business in Canada, the U.K., and other international markets.
Rich Sarkis, the CEO of Reonomy talking about how the real estate industry lacks the usage of cutting-edge tech says that “There is no end to the number of individuals, companies, and enterprises that have properties at the core of their businesses. 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.”
Georgian Partners principal Emily Walsh commenting about the infusion in the firm notes, “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. 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 were previously unattainable.”
The firm has partnered with platforms like CoreLogic, Black Knight, and Dun & Bradstreet in order to have more than 50 million properties, 80 million companies, 300 million people, 38 million mortgages, and 68 million property sales.
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