Earlier this year, HouseCanary, a provider of software and analytics for the real estate industry, raised $33 million in its first ever funding round thanks to participants like Executive Chairman of Alphabet Eric Schmidt and NBA legend Kobe Bryant.
Now, just nine months later, the company announced that it completed its second round of funding, which nearly equaled its first capital raise.
HouseCanary said Thursday that it raised $31 million in its Series B round of funding, bringing the company’s total funding to $64 million total, all of which was raised this year.
Investors in this round included PSP Growth, the venture and growth equity arm of PSP Capital, a private investment firm founded by and former Department of Commerce Secretary Penny Pritzker, Alpha Edison and other existing investors.
HouseCanary’s platform uses machine learning models pulled from 40 years of U.S. home sales and millions of insights to value properties and forecast prices for 4 million residential blocks and 20,000 city markets with “never-before-seen accuracy,” the company touts.
“HouseCanary’s unique technology represents an industry revolution, bringing access to transparent and actionable data to all segments of the largest asset class in the world,” Jeremy Sicklick, CEO of HouseCanary, said. “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.”
In a release, Prtizker, who served as Commerce Secretary under President Barack Obama from 2013 through 2017, cited HouseCanary’s “tremendous potential” as a reason why her company chose to invest.
“The U.S. real estate industry is poised for incredible innovation-driven transformation, as technology and data reach new segments of the market, opening up new opportunities for residential and commercial real estate alike,” Pritzker said. “As a business builder, I recognized the tremendous potential of HouseCanary’s technology, as well as the expertise and vision of their strong management team. We are excited at the opportunity to work with the HouseCanary team as this dynamic company grows.”
HouseCanary said that it will use the funds to “further innovate on predictive analytics, technology, and go-to-market.”