Reali nets $20m Series B to support AI technology development

July 19, 2018

PropTech platform Reali has netted $20m for its Series B, which will support the development of its AI technology.

Zeev Ventures led the round, which also saw participation from Signia Venture Partners and other unnamed backers.

The new wave of capital brings the company’s total funding efforts to $30m. Late last year, the company raised a $3m Series A led by Silicon Valley investor Oren Zeev, and came just months after the company secured another $6m investment.

Reali is a real estate transaction platform which aims to help decision making through the use of data and technology. Its platform enables users to search for properties or list their own, with buyers receiving a full refund of the buyer’s agent commission and sellers paying a flat fee for selling, rather than a 5 per cent total commission.

Launched in 2016, the company currently operates in the San Francisco Bay Area and Sacramento. In the past six months it has tripled the number of house listings and doubled its sales and app downloads.

With the new equity, the company hopes to drive expansion in California to encompass the whole state, with the launch of its services in Southern California planned for later in the year. Reali is also looking to launch its services in other states over the next year.

Proceeds will also be used to expand the product development efforts in AI, double the headcount and expand its customer-centric model.

The company’s new AI team will focus on optimising workflows and the new data-driven tools will help buyers and sellers to make personalised decisions such as selecting offer prices, and taking augmented reality tours of properties.

Reali CEO and co-founder Amit Haller said, “From the beginning, our mission was to build a digital-first real estate company with a completely different experience that delights home buyers and sellers and saves them thousands in commission fees. This new funding will allow us to accelerate our product roadmap beyond the app and expand our market base to new cities throughout the US”