Cherre, a real estate data and analytics company, announced Wednesday it closed on $16 million in growth funding in a round led by Intel Capital.
Modeled after high frequency trading tools, Cherre’s SaaS platform leverages AI to help insurance companies, banks and investors instantly collect, augment and analyze datasets from hundreds of thousands of sources. This enables these customers to make smarter decisions about potential investment and underwriting opportunities.
Cherre offers three main products - CoreConnect, CoreExplore, and CorePredict - which collect real estate data and connect it with other third-party and internal data sources for analysis. CorePredict is an AI-powered engine that enables users to do predictive analytics, risk analysis, modeling and real-time forecasting, all based on the power of connected data.
"Real estate is currently going through a change similar to the one the financial services industry went through 20 or 30 years ago - the industry lacks the data infrastructure to support enterprise clients' needs for workflow automation and predictive analytics. Plus, real estate data is disparate, inconsistent, and nonstandard, which makes standardizing and connecting data a huge challenge," CEO and co-founder L.D. Salmanson told Built In. "Companies demand clean, connected, and resolved data to support really complex investing and underwriting scenarios, and that’s exactly what Cherre provides."
The New York-based company was founded in 2016. Now, it claims to have the industry’s most comprehensive knowledge graph with information on more than 177 million properties, 84 million companies, more than 300,000 datasets and billions of connected data points.
This most recent funding, plus a $9 million round in 2018, brings Cherre’s total capital raised to $25 million.
"The industry is hungry for a single real estate analytics cloud solution to connect all their data – from every source. You can’t make insightful decisions on partial data, and once you bring it together, everything from reporting to automated underwriting becomes a reality," Salmanson said. "Cherre's platform provides that ability, and so we've grown to meet our customers' demands."
Navitas Capital, Carthona Capital, Zigg Capital, Dreamit Ventures and Silicon Valley Bank also participated in the funding round.
