Reonomy raises $60 million in funding

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AI-powered data platform Reonomy announced $60 million in Series D funding led by Georgian Partners, with participation from Wells Fargo Strategic Capital, Citi Ventures and Untitled Investments. They join existing investors Sapphire Ventures, Bain Capital and Primary Venture Partners. To date, Reonomy has raised $128 million in its push to become the primary source of data and analytics for commercial real estate (CRE).

Reonomy is a platform that connects disparate property information, enabling applications that empower users to reach better property-centric decisions. The platform leverages machine learning and the Reonomy ID — a unique identifier for every commercial asset that connects data on properties, companies and people. Reonomy’s proprietary applications include predictive analytics, portfolio analysis and market insights. The platform also empowers Reonomy’s leading ecosystem of partners to build their own custom applications.

“There is no end to the number of individuals, companies, and enterprises that have properties at the core of their businesses,” said Reonomy CEO Rich Sarkis. “Despite real estate being the world’s largest asset class, the industry has been largely starved of cutting edge solutions to core business problems because of the opaque nature of property information. We’re building a platform that connects the world of property information and empowers a new era of applications to unlock insights and opportunities for everyone. The investment will further strengthen our position as the system of record for properties and drive innovation around property intelligence.”

The company plans to use this latest funding round to expand its machine learning capabilities and platform-driven applications in its efforts to continue developing the most robust and comprehensive CRE data solutions available in the market.

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Reonomy applications serve a multitude of industries with over 100,000 users. The company intends to expand offerings for all industries, while prioritizing its market leadership position with banks and financial institutions. The investment from Wells Fargo Strategic Capital and Citi Ventures substantiates Reonomy’s leadership position as the go-to platform in this vertical. The round will enable the company to continue to build best-in-class solutions for these valued clients.

“Reonomy has developed a powerful platform to integrate and resolve sources of commercial real estate data into a single, unique identifier for every CRE asset in the United States,” said Emily Walsh, Principal at Georgian Partners. “This unique identifier is being leveraged by some of the largest enterprises in the world to tie together their public, proprietary, and third party data sources and to create a level of visibility into real estate assets that was previously unattainable.”

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