Proceeds intended to support product and team expansion
Prophia, a startup that provides AI technology for lease abstraction and commercial real estate data management, has secured $10.2 million in a Series A funding round led by Cercano Management, SignalFire and other investors.
The San Francisco-based proptech company has raised a total of $15.3 million since its launch in 2018, according to Prophia co-founder and CEO Cameron Steele. The startup plans to use the $10.2 million financing to expand its data science, engineering, and commercial teams, as well as its offerings.
“The capital raise we’ve already started putting to work hiring two new data scientists,” Steele told the Commercial Observer. “The next phase will be adding to our commercial team. We just got the sign-off letter from a marketing person today. The next phase will be to add additional sales team members.”
Steele explained that the Prophia platform serves as a “centralized, trusted source of data that empowers CRE building owners with the real-time data and actionable insights they need to make sound business decisions.” The company uses AI and machine learning to help commercial real estate owners, asset managers, and property managers more efficiently extract data from their leases. Prophia has scanned over 1 million pages across more than 1,800 locations.
“We’re unique in that we’re the first venture capital firm that’s built like a tech company,” said Ilya Kirnos, managing partner and chief technology officer at SignalFire. “We have a data science team and an engineering team. We are applying data, systems and technology to venture capital. And maybe that’s a good segue into why we invested in Prophia.”
“With the institutional growth in commercial real estate in recent years, investors have desperately needed a true and consistent way of looking at their assets with the insights to make sound portfolio decisions in a rapidly changing market,” said Stuart Nagae, partner at Cercano Management. “Prophia’s AI-powered abstraction has solved that longtime industry blind spot — and the more than 600% growth in square footage since 2020 is a fantastic indicator of the industry’s adoption of this type of technology.”
