Intel lured by ‘infancy’ of digital property with Cherre deal
Cherre, the NYC-based real estate data and analytics platform which boasts large real estate businesses Keller Williams and Oxford Property Group among its clients, has raised $16m in growth funding in a round led by Intel Capital.
The latest investment brings the total capital raised to date to $25m. Other participants in the round included Navitas Capital, Carthona Capital, Zigg Capital, Dreamit Ventures, and a new growth debt relationship with Silicon Valley Bank.
Cherre’s platform empowers large enterprises, insurance companies, banks, and investors with a platform to instantly collect, augment, resolve, and analyse datasets in real-time from hundreds of thousands of public, private, and internal sources. This enables customers to evaluate investment and underwriting opportunities more accurately and efficiently.
Trina Van Pelt, vice president and senior managing director of Intel Capital, said: “The global real estate industry is undergoing a transformation, catalysed by massive data flows and the application of artificial intelligence. Despite its substantial impact on the global economy, this sector is still in its infancy when it comes to data-centric investing and underwriting decisions. We see Cherre as critical infrastructure to accelerate the future of this industry.
“Our customer diligence repeatedly indicated Cherre’s AI-enabled platform was a foundational pillar – a data system of record for large enterprises across the real estate segment. We’re excited to help accelerate Cherre’s global growth trajectory.”
Cherre, which was founded in 2016 and launched commercially in 2018, claims its platform is the “most comprehensive” on the market knowledge with granular, actionable information on over 177 million properties, 84 million companies, 315,000 datasets, and billions of connected data points, enriched with macroeconomic, geospatial, and demographically pertinent datasets.
To meet customers’ most demanding use cases, the platform supports data delivery through a high-performance, low-latency API, as well as through a transactional database.
“Last year was marked by incredible growth for the entire market,” said Cherre CEO, LD Salmanson. “This massive industry migration towards fully-integrated data systems is just starting, and we’re incredibly proud to be leading the charge. We look forward to continue working with our most demanding clients on their mission-critical data needs.”
Cherre serves some of the largest investors, banks, and insurance companies in the industry, and continues to see strong traction across all verticals. The leadership team includes repeat founders, industry veterans, and data scientists.
Intel Capital invests in innovative startups targeting artificial intelligence, autonomous vehicles, datacentre and cloud, 5G, next-generation compute and a wide range of other disruptive technologies. Since 1991, Intel Capital has invested $12.6bn in more than 1,560 companies worldwide, and 677 portfolio companies have gone public or participated in a merger.