SAN FRANCISCO – Amitree, the makers of Folio, an intelligent assistant for real estate transactions, have announced a $7.128 million Series A funding round.
The round was led by Vertical Venture Partners, with participation from existing investors, including Accel Partners. Tom Gonser, founder of DocuSign and partner at Seven Peaks Ventures also participated in the round (via Seven Peaks) and joined the board. This brings Amitree’s total funding to approximately $13 million since the company’s inception.
Real estate agents are using Folio to manage approximately 5 percent of the total volume of real estate transactions in the U.S., with more than 200,000 transactions managed to date, a number that could accelerate much higher. According to Google Chrome Store stats, more than 30,000 agents have Folio installed.
“Keeping everyone on the same page has never been more important, and my team relies on Folio to make sure that happens,” said Matt Fuller, Realtor, 2017 President, San Francisco Association of Realtors. “Gmail is a fundamental part of how we do business, and Folio makes our Gmail just a little bit smarter. Folio kills busywork and the quadruple entry of events into multiple systems, keeping us all less confused and making everyone on the team more available for real problem solving. We rely on Folio to make our ‘back office’ smarter so we can be out in the field, tackling real issues with clients.”
Folio is the latest example of how vertical-specific artificial intelligence is transforming the business world, making real estate agents more relevant to the buying and selling process than ever before. As the smart transaction assistant that lives in real estate agents’ email, Folio uses machine learning to process millions of emails and understand what’s going on with every one of an agent’s transactions. Folio helps agents manage their workflow, creating smart folders for each transaction that automatically sort an agent’s emails, files, and contacts. When looking at an email related to a transaction, real estate agents see contextual information right inside their email client that contains the transaction timeline, files, contacts, and status.
“So much real-estate focused technology is about disrupting the market in some attempt to replace real-estate agents, yet homebuyers and sellers rely on these agents for their experience and expertise more than ever before,” said Jonathan Aizen, Founder and CEO of Amitree. “Our goal is to empower the real estate agent and give them tools that help them do more of what they do best: put people in their dream homes and help them through that huge transition in life.”
“Real estate is going through a shift toward more intelligent tools that help streamline the experience,” said Gonser. “Electronic signatures were the beginning of this wave, and tools like Folio are the next step in enabling the real estate agent to bring more efficiency to their business through machine learning and vertical-specific AI that’s built for them.”