Cherre, a nascent real estate data platform that helps investors identify real estate acquisition targets, just raised $9 million in seed funding to grow it business.
The company’s artificial intelligence-powered platform collects, augments, and resolves property data from thousands of public, private, and internal sources in real-time. That information is provided to large enterprises, insurance companies, banks, and investors to help them decide where to invest.
Companies using Cherre’s platform gain access to information like property history, demographics and market comparisons, which can be used to improve their decision-making process.
According to the company, its seed funding round was led by Navitas Capital. Also participating were Carthona Capital, iLOOKABOUT, Dreamit Ventures, and Red Swan Ventures. The company’s previous investort included Recursive Ventures, Sarona Ventures, Wharton Angel Group, Harvard Angel Group, New York Angels, and Angel Investor Forum.
“In less than a year since formally launching its platform, Cherre has already revolutionized the way financial institutions, insurance companies, real estate brokerages and other large businesses process and analyze massive stores of data every day,” Navitas Capital Managing Partner Jim Pettit said. “With the backing of Navitas and other investors, the platform will be in pole position to bring its streamlined real estate data services to an exponentially growing roster of clients.”
As Pettit said, Cherre, which was founded in 2016, formally launched its platform in December 2017. In that time, the company already boasts The Real Estate Board of NY, Keller Williams NYC, Stratus Data Systems, August Partners, and Platinum Properties as some of its clients.
According to the company, it plans to use this new funding to meet the “surging” demand for service from its existing clients, as well as expanding operations throughout the U.S. and Canada.
‘Many of the world's biggest industries are increasingly looking to harness the power of real-time data and to reevaluate their use of data in their core business functions,” Cherre CEO L.D. Salmanson said.
“Cherre has seen an incredible adoption rate from financial institutions, insurance companies, real estate investment groups and brokerages, and dozens of other large corporations,” Salmanson added. “With a new group of investors now on board, we are poised to take our platform and data insights to even more companies looking to take their business to the next level.”