A real estate analytics company that leverages data science to value and forecast homes in the U.S. residential market has received $33 million in Series A funding.
HouseCanary.com evaluates over 100 million properties across the US, the platform aggregating millions of data elements, including more than four decades of property data and a rapidly expanding arsenal of proprietary data calculations and analytics, to accurately define and forecast values and market influences
The company's $33 million Round A funding was backed by prominent technology investors, including Hillspire (Alphabet Executive Chairman Eric Schmidt's family office), Alpha Edison, ECA Ventures and Raven Ventures.
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The data-driven company is part of a wave of technology-fueled transformation sweeping the $36 trillion residential real estate industry, the nation's largest asset class. HouseCanary is using its massive data set, world-class predictive analytics, and intuitive visualization tools to allow investors, lenders and other real estate professionals to accelerate decision-making in an industry slow to transform because of fragmented and incomplete data.
Jeremy Sicklick, HouseCanary CEO, says the company is on a mission to help people make better real estate decisions.
"We want to do for residential real estate what Bloomberg did for financial services – build a platform that will be a beacon of accuracy and transparency, enabling greater speed and confidence in residential real estate transactions," Sicklick said.
Real estate investor Blackstone Invitation Homes, Sotheby's International Realty and the top three mortgage lenders are among the wide range of companies using HouseCanary analytical products to make better decisions and provide the same advantage to their clients. HouseCanary's customers span institutional investors seeking properties to fit their investment criteria, lenders looking to identify prime mortgage prospects, and real estate brokerage firms looking to build advisory relationships with their clients.
"People are incredibly frustrated with not being able to price homes correctly," said Mark Dyne, chairman of ECA Ventures and one of the original investors in Skype. "HouseCanary will enable investors, lenders, realtors and even homeowners to understand everything there is to know about a property and make investment decisions in seconds – and at a fraction of the cost. This company has all the ingredients to disrupt a multi-trillion-dollar asset class."