Amitree, the maker of an artificially intelligent assistant for real estate transactions, has closed a $7.1 million Series A funding round.
More than 30,000 agents use Amitree’s AI-powered email assistant, Folio, to manage about 5 percent of total real estate transaction volume, with more than 200,000 transactions managed to date, according to Amitree.
Folio is a Chrome extension for Gmail that assembles and organizes messages according to common dates, terms and people.
“Real estate is going through a shift toward more intelligent tools that help streamline the experience,” said Tom Gonser, founder of DocuSign and partner at Seven Peaks Ventures, which participated in the funding round.
“Electronic signatures were the beginning of this wave, and tools like Folio are the next step in enabling the real estate agent to bring more efficiency to their business through machine learning and vertical-specific AI that’s built for them,” he added.
Sorting through a user’s emails, files and contacts, Folio creates smart folders for every transaction. When viewing an email related to a transaction, agents see contextual information in their Gmail, including a transaction timeline, files, contacts and status.
The extension also automatically generates a separate web page featuring a timeline for every deal. The pages feature a list of critical dates, such as when an offer was accepted, a deposit deadline and a home inspection deadline.
They can be edited and shared and also pull in vendor names and resources such as utilities, post offices and cable companies.
Folio recently introduced a tool designed to protect agents against wire transfer and deposit fraud, a growing problem in the industry.
It alerts agents via text message when any message sent or received to and from their registered email account contains terms related to money, specifically as they relate to deposits and wire transfer discussions.
The funding round was led by Vertical Venture Partners, with participation from existing investors, including Accel Partners. As part of the deal, Gonser joined Amitree’s board.
The round brings Amitree’s total funding to roughly $13 million.