SAN FRANCISCO, Sept. 14, 2017 /PRNewswire/ -- HouseCanary, the leading data analytics and valuation platform for real estate professionals, today announced it has closed a $31 million series B funding round, bringing the company's total funding to $64 million to date. Investors in the round include PSP Growth, the venture and growth equity arm of PSP Capital, a private investment firm founded by entrepreneur and former Commerce Secretary Penny Pritzker, as well as Alpha Edison and other existing investors.
HouseCanary is working to modernize the real estate industry, bringing it in line with the global stock and bond markets in terms of the availability of data and the speed of executing transactions. The company'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% 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. These are among HouseCanary's series of innovations that are helping transform the way homes are bought and sold.
"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," said 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," said Penny Pritzker, founder and Chairman of PSP Capital. "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 will use the funds from this investment to further innovate on predictive analytics, technology, and go-to-market. 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.
Mike Oleshansky, Managing Director and head of PSP Growth, added, "HouseCanary is quickly modernizing one of the biggest industries in the United States. 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."
Founded in 2014, HouseCanary's mission is to help people make better real estate decisions. Built on a foundation of great data, powerful models and predictive analytics, the HouseCanary platform aggregates 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. HouseCanary's Series A investors include Hillspire (Alphabet Executive Chairman Eric Schmidt's family office), Alpha Edison, ECA Ventures, Raven Ventures and other top investors including Egon Durban and Nikesh Arora. The company is headquartered in San Francisco. For more information, visit www.housecanary.com.
About PSP Growth and PSP Capital
PSP Capital is a Chicago-based global private investment firm founded by its Chairman, Penny Pritzker, an entrepreneur, civic leader, and philanthropist, and former U.S. Secretary of Commerce. PSP Growth is the venture and growth equity arm of PSP Capital, whose mission is to support entrepreneurs and build market-leading businesses, with a primary emphasis on disruptive technologies, tech-enabled services and privacy/cyber-security. With a patient and significant capital base (investing from the balance sheet, not a fund), long history of building businesses and global network of deep relationships, PSP Growth is uniquely positioned to support the strategic growth objectives of its businesses and entrepreneur partners. For more information on PSP Growth, visit www.pspcapital.com/pspgrowth.
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