The Real Deal New York

This startup just raised $9M to bring AI into real estate investment

Cherre's clients include REBNY, Keller Williams NYC, Platinum Properties
By David Jeans | October 01, 2018 11:32AM

Cherre CEO L.D. Salmanson, Navitas Capital’s Jim Pettit, and a screengrab of the Cherre website (Credit: Twitter, Navitas Capital and Cherre)

Real estate data platform Cherre has raised $9 million in a seed round, the company announced Monday.

The New York-based firm, which launched in 2016, consolidates public and private real estate data feeds using artificial intelligence. The company said in a statement that it would use the funding to expand operations in the U.S. and Canada.

The funding round was led by Navitas Capital, who was joined by Carthona Capital, iLOOKABOUT, Dreamit Ventures, and Red Swan Ventures.

The firm has since signed on clients including the Real Estate Board of New York, Keller Williams NYC, Stratus Data Systems, August Partners, Platinum Properties.

Jim Pettit, a managing partner with Navitas Capital, said Cherre has “revolutionized” real estate data analysis for financial institutions, insurance companies, real estate brokerages, since the firm launched.

The company says its technology is modeled after high-frequency trading platforms, but also features machine learning capabilities. The platform organizes and updates internal and external databases constantly, Cherre said.

Big data is currently one of the most talked-about spaces in the fragmented real estate industry. The Real Deal broke down how A.I. could transform the real estate industry in its February cover story.

In April, real estate acquisitions management platform Dealpath formed a strategic alliance with data company Compstak.