A San Francisco startup that's developing software to streamline commercial real estate contracts raised just over $10 million in new funding.
Prophia utilizes artificial intelligence to automatically extract data from leasing contracts — such as dates, rent and tenant rights — in order to save its customers time that would otherwise be spent combing through contracts manually.
The Series A round was led by Cercano Management and included SignalFire. And it brings Prophia's total funding to nearly $17 million, according to PitchBook.
“Commercial real estate is one of the world’s largest asset classes, but investors and operators are unfortunately stuck with untrusted and incomplete data with antiquated tools,” co-founder and CEO Cameron Steele said in a statement. "Prophia is addressing a severe and persistent pain point in the industry.”
According to Prophia's website, users upload all of their leasing documents into the company's cloud platform which then extracts up to 200 types of data. Everything is reviewed and validated by humans, and then leasing documents can be continually updated, added and executed.
The company offers subscription packages for three months that are priced per tenant and requires a $1,500 minimum fee, as well as an annual subscription that's priced per tenant or square footage with a minimum fee of $7,500.
Prophia says its annual recurring revenue has grown 250% this year.
Steele co-founded the company, previously known as Leaseable, with CTO Chris Hsu in 2018.
Other companies developing similar tools for commercial real estate leasing data include Irvine-based NTrust, Chicago-based Realogic, Ohio-based MRI Software, Palo Alto-based DealSumm and consulting firm Accenture, according to Geekwire.
