HouseCanary, a San Francisco based real estate data analytics and valuation platform, announced today a commitment of $31 million in funding from investors, bringing the company’s total funding to $64 million since it was founded in 2014.
Among the investors were Alpha Edison and PSP Growth, a division of PSP Capital, which was founded by former Commerce Secretary Penny Pritzker. HouseCanary also received additional investment from existing investors in its Series B funding.
“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,” said Jeremy Sicklick, CEO of HouseCanary.
Pritzker chose to invest in HouseCanary because of the “tremendous potential of HouseCanary’s technology” and the company’s “strong management team.”
“We are excited at the opportunity to work with the HouseCanary team as this dynamic company grows,” Pritzker said.
Mike Oleshansky, Managing Director and head of PSP Growth, said, “HousingCanary 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.”
HouseCanary plans to use its $31 million in new investments to “further innovate on predictive analytics, technology, and go-to-market,” according to the company.
Users of HouseCanary’s platform can evaluate 100 million properties with a median error of 2.5 percent, according to HouseCanary. The company uses machine learning models and 40 years of past and present home sales data to value properties.
“HouseCanary’s unique technology represents and industry revolution, bringing access to transparent and actionable data to all segments of the largest asset class in the world,” Sicklick said.
Currently, HouseCanary has 250 enterprise clients, including Invitation Homes, LendingHome, and Roofstock. The company also has several distribution partners, including Google Cloud, RE/MAX, and First American.