HouseCanary has raised $33 million. The San Francisco startup secured the Series A capital from prominent technology investors, including Hillspire (Alphabet Executive Chairman Eric Schmidt’s family office), Alpha Edison, ECA Ventures and Raven Ventures.
HouseCanary is a real estate analytics company leveraging data science to value and forecast residential markets. The data-driven company is part of a wave of technology-fueled transformation sweeping the $36 trillion residential real estate industry, the nation’s largest asset class.
“We are on a mission to help people make better real estate decisions,” said Jeremy Sicklick, CEO of HouseCanary. “We want to do for residential real estate what Bloomberg did for financial services—build a platform that will be a beacon of accuracy and transparency, enabling greater speed and confidence in residential real estate transactions.”
Legacy real estate processes have been largely driven by intuition and augmented by incomplete, expensive and error-prone data, even at the most sophisticated institutions, says HouseCanary, who set out to change the paradigm by applying an exhaustive approach to ingesting, scrubbing, organizing and analyzing data on 100 million US residential properties in an effort to create a single source of reliable, accurate insight.
“People are incredibly frustrated with not being able to price homes correctly,” said Mark Dyne, chairman of ECA Ventures and one of the original investors in Skype. “HouseCanary will enable investors, lenders, realtors and even homeowners to understand everything there is to know about a property and make investment decisions in seconds—and at a fraction of the cost.”
HouseCanary was founded in 2014.