Real estate AI investment platform announces upsized seed round with $3 million of additional funding taking total seed round to $8 million, adding key leadership positions and data science expertise.
Haystacks.AI, a data aggregation and intelligence platform for real estate investors, announced that momentum-driven investor demand resulted in an additional $3 million in seed funding, bringing the total amount invested in the rapidly growing startup to $8M since last month. New investors, RRE Ventures, Assurant Ventures, and Preface Ventures, join existing investors, Streamlined Ventures, Colle Capital, Adit Ventures (Genesis Fund), and Hyperplane. The additional funding will immediately accelerate the Company’s product and platform development, as well as hiring as demand for single-family home rental intelligence grows among institutional investors.
In addition, Haystacks.AI has bolstered its leadership team with Brendan Joyce, who will serve as Head of Acquisitions, Joanna Rhee, VP of Product Management, and Michael Reid, VP of Capital Strategy. Joyce will lead the company’s efforts developing a scalable acquisition platform leveraging best-in-class partners, while Rhee oversees the product pipeline, and Reid explores relationships with capital sources across all parts of the capital structure, working closely with clients on funding strategies.
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These leadership additions directly align with Haystack.AI’s talent strategy to expand its team throughout this year, while supporting our Diversity, Equity, and Inclusion practices.
Founded in March 2021, Haystacks.AI is a leading real estate intelligence platform that facilitates the entire real estate investing lifecycle. Haystacks.AI layers in numerous sources of unstructured ancillary/alternative data, including sentiment data, on top of primary structured real estate data, to augment investment decisions at scale and identify new opportunities for asset classes such as single-family rentals, where data remains opaque.
“The excitement from investors and customer interest in Haystacks.AI has been gratifying. We expect to maintain this strong momentum throughout 2022 and beyond,” said Sourav Goswami, Founder of Haystacks.AI. “By welcoming RRE Ventures, Assurant Ventures, and Preface Ventures into our network of partners, and increasing our focus on hiring through a DE&I lens, we are confident that this year will be one of immense success, innovation, and growth.”
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“We are thrilled to be partnering with Haystacks.AI. Given our experience in prop tech investments, we’ve been impressed with the Company’s depth of real estate talent and senior leadership from the industry who have invested to back the platform,” said Stuart Ellman, Founder, and General Partner, of RRE Ventures.
“Assurant Ventures is excited to establish a new value-added partnership with Haystacks.AI to collaborate, share insights and foster innovation,” said Assurant Chief Strategy and Risk Officer Bob Lonergan. “With the landscape of the single-family rental market continuing to evolve, Haystacks.AI, led by real estate veterans, is uniquely positioned to provide enhanced data-driven insights to investors in the space. Our investment reflects Assurant’s commitment to innovation and strategic funding of disrupters within PropTech.”