HouseCanary has closed a $31 million series B funding round, the company recently announced. The funds from the investment will be purposed to further innovate on predictive analytics, technology, and go-to-market. Investors in the round include Alpha Edison and PSP Growth. PSP Growth is the venture arm of PSP Capital, a private investment firm founded by former Commerce Secretary Penny Pritzker.
“HouseCanary’s unique technology represents an industry revolution, bringing access to transparent and actionable data to all segments of the largest asset class in the world,” says Jeremy Sicklick, CEO of HouseCanary. “Our vision continues to be validated by both the technology and real estate industries, and is further underscored by the support from PSP Growth and Penny Pritzker, one of America’s most prominent entrepreneurs and business builders.”
“The U.S. real estate industry is poised for incredible innovation-driven transformation, as technology and data reach new segments of the market, opening up new opportunities for residential and commercial real estate alike,” says Pritzker. “As a business builder, I recognized the tremendous potential of HouseCanary’s technology, as well as the expertise and vision of their strong management team. We are excited at the opportunity to work with the HouseCanary team as this dynamic company grows.”
“HouseCanary is quickly modernizing one of the biggest industries in the United States,” says Mike Oleshansky, managing director and head of PSP Growth. “Its robust technology enables users, from mortgage lenders to private investors to bond traders to REALTORS®, to make truly data-driven decisions. We look forward to supporting the HouseCanary team as the business continues to grow.”
HouseCanary’s unique platform leverages machine learning models drawing on 40 years of U.S. home sales and millions of trending insights to value properties and forecast prices for 4 million residential blocks and 20,000 city markets with never-before-seen accuracy. Investors can now value over 100 million properties with a median error of 2.5 percent or less. Lenders and appraisers use HouseCanary technology to reduce the time it takes to complete an appraisal from more than 25 days to less than a week.
With more than 100 employees headquartered in San Francisco, the company will continue to grow its list of 250 enterprise customers, spanning established industry leaders like Invitation Homes, a top three U.S. mortgage bank, and FinTech innovators like LendingHome and Roofstock. Google Cloud, RE/MAX, and First American are among the company’s notable distribution partners.
The company’s total funding is now $64 million.
For more information, please visit www.housecanary.com.
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