Growth investment accelerates North American expansion, supports surging demand for Cherre’s Real Estate AI platform.
NEW YORK, Feb. 5, 2020 /PRNewswire/ — Cherre, the NYC-based real estate data and analytics platform, today announced that it has raised $16 million in growth funding, bringing total capital raised to-date to $25 million. Intel Capital led the round, which included participation from Navitas Capital, Carthona Capital, Zigg Capital, Dreamit Ventures, and a new growth debt relationship with Silicon Valley Bank.
Cherre’s award-winning AI platform empowers large enterprises, insurance companies, banks, and investors with a platform to instantly collect, augment, resolve, and analyze datasets in real-time from hundreds of thousands of public, private, and internal sources. This enables customers to evaluate investment and underwriting opportunities more accurately and efficiently than ever before.
Cherre’s SaaS platform is now widely recognized as having the industry’s most comprehensive knowledge graph with granular, actionable information on over 177 million properties, 84 million companies, 315K datasets, and billions of connected data points, enriched with macroeconomic, geospatial, and demographically pertinent datasets. To meet customers’ most demanding use cases, the platform supports data delivery through a high-performance, low-latency API, as well as through a transactional database.
“Last year was marked by incredible growth for the entire market,” said Cherre CEO L.D. Salmanson. “This massive industry migration towards fully-integrated data systems is just starting, and we’re incredibly proud to be leading the charge. We look forward to continue working with our most demanding clients on their mission-critical data needs.”
Commercially launched in August 2018, Cherre serves some of the largest investors, banks, and insurance companies in the industry, and continues to see strong traction across all verticals. Its leadership team of repeat founders, industry veterans, and world-renowned data scientists is pioneering end-to-end real estate data integration for predictive analytics and automated workflows. The company transforms mission-critical activities across the real estate industry, including automated P&C insurance underwriting, desk inspections and pre-fill for multiple lending products, as well as AI decision support systems that enable better investment and underwriting decisions for investors and underwriters.
“The global real estate industry is undergoing a transformation, catalyzed by massive data flows and the application of artificial intelligence. Despite its substantial impact on the global economy, this sector is still in its infancy when it comes to data-centric investing and underwriting decisions. We see Cherre as critical infrastructure to accelerate the future of this industry,” said Trina Van Pelt, Vice President and Senior Managing Director of Intel Capital. “Our customer diligence repeatedly indicated Cherre’s AI-enabled platform was a foundational pillar – a data system of record for large enterprises across the real estate segment. We’re excited to help accelerate Cherre’s global growth trajectory.”
Cherre provides investors, insurers, real estate advisors, and other large enterprises with a platform to collect, resolve, and augment real estate data from hundreds of thousands of public, private, and internal sources. By providing a unique “single source of truth,” Cherre empowers customers to evaluate opportunities and trends faster and more accurately, while saving millions of dollars in manual data collection and analytics costs. Cherre launched in 2016 and is located in New York City.
About Intel Capital
Intel Capital invests in innovative startups targeting artificial intelligence, autonomous vehicles, datacenter and cloud, 5G, next-generation compute and a wide range of other disruptive technologies. Since 1991, Intel Capital has invested US$12.6 billion in more than 1,560 companies worldwide, and 677 portfolio companies have gone public or participated in a merger. Intel Capital curates thousands of business development introductions each year between its portfolio companies and the Global 2000. For more information on what makes Intel Capital one of the world’s most powerful venture capital firms, visit www.intelcapital.com or follow @Intelcapital.