Purlin, a Los Angeles, CA-based developer of real estate AI designed to personalize homebuying, announced that it raised seed preferred equity funding.
The round was with key financial and strategic investors, including SUM Ventures, New Valley Ventures, an investment vehicle managed by Douglas Elliman, Redwood Trust Inc., through its strategic venture investment platform, RWT Horizons, Mission Gate, and Fredrik Eklund and Julia Spillman-Gover of The Eklund | Gomes Team at Douglas Elliman Real Estate.
The funds will be used to grow Purlin's business, support the success of its existing clients, and expand the geographic footprint of its AI products.
"Successfully raising funds in today's market is a proud moment for Purlin and its investors," said Giorgi Chigogidze, Purlin CEO. He continued, "This signals the continued, increasing demand for Purlin's products, and validates our unique approach to providing AI-powered applications to major real estate brokerages and agent networks."
Purlin's client- and agent-facing technology is currently powering systems used by Douglas Elliman's 6,600 agents and 46,000 annual clients across the world.
Company: Purlin Co.
Raised: Undisclosed
Round: Seed Round
Funding Month: November 2022
Lead Investors:
Additional Investors: SUM Ventures, New Valley Ventures, Redwood Trust Inc., RWT Horizons, Mission Gate, Fredrik Eklund, and Julia Spillman-Gover
Company Website: https://purlin.com/
Software Category: Real estate AI personalization tools
About the Company: Purlin Co. designs, creates, and provides advanced AI-powered technology products for the real estate market. Purlin has architected a suite of real estate AI personalization tools that make the jobs of sourcing and nurturing high-value clients, enabling agent success, and growing firms profitably simpler. The company's platform combines AI, machine learning, and natural language processing with image recognition, it also allows agents to proactively identify and directly engage active buyers most likely to buy a specific property by effectively running that same consumer-facing preference engine in reverse, enabling real estate professionals, brokerages, and lenders to sort millions of listing photographs and identify the specific rooms, features, and styles that will most appeal to a given buyer.
Source: https://www.newswire.com/news/purlin-raises-seed-preferred-equity-round-to-support-growth-of-business-21872745