Prophia, the leading provider of AI technology for lease abstraction and commercial real estate (CRE) data management, announced today a $10.2 million Series A fundraising round led by Cercano Management, with participation from SignalFire and many customers.
Prophia is the leading provider of AI technology for lease abstraction and CRE data management, bringing massive amounts of lease and tenant information together to empower CRE landlords with real-time data and portfolio insights. By tethering data directly from its source documents and making it available in easily digestible formats, Prophia gives building owners and investors a competitive advantage with a unique opportunity to mitigate risk, reveal business opportunities and elevate decision-making at the asset and portfolio level. Trusted to be the true data source for the nation’s top CRE investors, Prophia integrates seamlessly into corporate ecosystems with direct integrations with Yardi and MRI.
In addition, the company has reported a 250% increase in ARR in 2022 as it serves customers’ expanding data sets across 160 million square feet of assets under management. Prophia, which is dedicated to removing manual leasing abstractions and data accessibility processes, enables industry leaders to improve their investment strategy by providing complete, verifiable, and structured commercial portfolio data.
With an increase in institutional purchasers comes the requirement for more advanced technology that aids in the process’s simplification. Prophia has doubled its customer base, maintained 100% customer retention, and enhanced its suite of patented technologies and capabilities as a result of this increasing demand over the last year. The company has scanned over one million pages with its AI-powered technology, extracting text and characters, across over 1,800 locations.