New York City startup Reonomy raises $60 million in Series D to leverage AI to unlock property intelligence
Reonomy, a New York City-based startup and a provider of property intelligence, has secured $60 million in Series D funding to expand its machine learning capabilities and platform-driven applications. The round was led by Georgian Partners, with participation from Wells Fargo Strategic Capital, Citi Ventures, and Untitled Investments. They were join existing investors, Sapphire Ventures, Bain Capital, and Primary Venture Partners. To date, Reonomy has raised $128 million in its push to become the primary source of data and analytics for commercial real estate (CRE).
The new funding comes on the heels of $46 million raised in 2018, as well as new preferred data partnerships announced with leading data providers; CoreLogic, Black Knight and Dun & Bradstreet. The platform’s information consists of more than 50 million properties, 80 million companies, 300 million people, 38 million mortgages, and 68 million property sales.
The company plans to use this latest funding round to expand its machine learning capabilities and platform-driven applications in its efforts to continue developing the most robust and comprehensive CRE data solutions available in the market. The funding will also fuel Reonomy’s international expansion following strong demand from its existing customers to scale products to Canada, the U.K., and other markets.
Founded in 2013 by Charlie Oshman, Guillermo Sanchez, Harlan Milkove, and Richard Sarkis, Reonomy leverages big data, partnerships and machine learning to connect the fragmented, disparate world of commercial real estate. By providing unparalleled access to property intelligence, Reonomy products empower individuals, teams and companies to unlock insights and discover new opportunities.
“There is no end to the number of individuals, companies, and enterprises that have properties at the core of their businesses,” said Reonomy CEO, Rich 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. The investment will further strengthen our position as the system of record for properties and drive innovation around property intelligence.”
Reonomy’s platform connects disparate property information, enabling applications that empower users to reach better property-centric decisions. The platform leverages machine learning and the Reonomy ID—a unique identifier for every commercial asset that connects data on properties, companies, and people. Reonomy’s proprietary applications include predictive analytics, portfolio analysis, and market insights. The platform also empowers Reonomy’s leading ecosystem of partners to build their own custom applications.
Reonomy applications serve a multitude of industries with over 100,000 users. The company intends to expand offerings for all industries, while prioritizing its market leadership position with banks and financial institutions. The investment from Wells Fargo Strategic Capital and Citi Ventures substantiates Reonomy’s leadership position as the go-to platform in this vertical. The round will enable the company to continue to build best-in-class solutions for these valued clients.
“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 Emily Walsh, Principal at Georgian Partners. “This unique identifier is being leveraged by some of the largest enterprises in the world to tie together their public, proprietary, and third party data sources and to create a level of visibility into real estate assets that was previously unattainable.”