Western Alliance Bank Provides $15 Million Annual Recurring Revenue Line of Credit to Support EliseAI’s Growth

NEW YORK — Western Alliance Bank today announced that its Innovation Banking Group has closed a $15 million line of credit for EliseAI, a New York City-based technology company dedicated to building the world’s most advanced conversational artificial intelligence platform with an initial focus on rental housing. 

EliseAI plans to use the annual recurring revenue (ARR) based line of credit to support its growth and supplement recently raised equity capital.

The deal highlights Western Alliance Bank’s strengths in working with companies that use technology to solve problems people encounter on a daily basis. 

“The number of prospective renters vying for apartments has increased dramatically during the coronavirus pandemic, and it’s often difficult for property managers to keep up with the volume of correspondence they receive,” said Roger Klarmann, senior vice president in Western Alliance Bank's Innovation Banking Group. “EliseAI solves that problem through technology, and we believe the company is poised for growth in this high-demand industry.”

“EliseAI allows prospective renters to experience a quick, customized, accurate connection with a property, often without even realizing they’re communicating with AI,” added Brendan Carr, vice president in Western Alliance Bank's Innovation Banking Group. “Western Alliance Bank is proud to support EliseAI’s growth as property managers tap into everything the platform can offer them.”

EliseAI uses artificial intelligence (AI) to automate conversations between consumers and businesses. Using their experience in software engineering and machine learning, founders Minna Song and Tony Stoyanov created the platform to improve the process of finding and moving into rental housing. 

“EliseAI is using technology to improve the leasing experience for both renters and management companies,” said Minna Song, CEO of EliseAI. “Our conversational AI allows any management company to provide an exceptional renter experience while increasing occupancy operating more efficiently. This financing provides additional liquidity to support our current growth and enables us to provide similar benefits to other industries.”

About EliseAI

EliseAI is a technology company based in New York City dedicated to building the world’s most advanced conversational artificial intelligence platform to enable a new level of business automation. EliseAI’s first product is a virtual leasing assistant for rental housing that helps real estate management companies of all sizes provide exceptional customer service and maximize revenue. For more information, please visit eliseai.com.