Rentlogic, a tech platform utilizing an algorithm and public data to grade New York City residential buildings, just closed a $2.4 million seed funding round.

The company said that it plans to use the new funding to expand its operations and sales team.

“This seed round validates the positive impact of Rentlogic’s approach to aiding both property owners and residents,” Rentlogic Founder and CEO Yale Fox said in a statement.

“This vital support will allow us to continue developing new, innovative tools – including independent inspections – that shed a light on the housing market and make it easier for all parties to interact in a more efficient, transparent, and fair market place,” he added.

Funding came from Urban-X (a pre-seed accelerator built in partnership with BMW/MINI), Urban.Us (the parent of Urban-X) and Edgar Bronfman Jr. (managing partner at private equity firm Accretive).

Rentlogic said that the new funding give the young company "runway" as it seeks to expand its market share.

News of this latest investment in a proptech startup is the latest example of proptech startups receiving a fair amount of attention from investors.