For real estate artificial intelligence platform OJO Labs, 2019 has been a significant growth year. March saw the successful completion of its Series C round, in which the Austin, Texas-based startup raised $45 million. Most recently, the company announced that they have acquired real estate software platform RealSavvy. Taken together, these two moves signal that OJO Labs remains firmly in the growth mode it has occupied for several years now.
Following their most recent funding round in March, the company revealed that it plans primarily to utilize the newly-raised capital to build up their existing data science, engineering and project teams as well as driving product development. The capital infusion also puts OJO Labs in a strong position to continue their market expansion, with the hopes of growing from the 12 states in which its currently operates to all 50 states.
Specifically, the company intends to use the funds to support its chatbot, in preview at the time of the financing round's close. This chatbot is designed to scan millions of available data sources in order to allow it to answer potential homebuyers regarding listing questions, neighborhood information and more via third-party messaging platforms and SMS.
Likewise, OJO Labs' acquisition earlier this month of realtor- and real estate agent-focused software platform RealSavvy is aimed at meeting the company's goals of expanding the reach of their cutting edge home buying experience technology. In a press release announcing the deal, OJO Labs said that the combined data, technology and proprietary AI offered by RealSavvy's platform in combination with their existing services will allow the company to "further its mission and offer a differentiated, comprehensive home buying and selling experience, and help agents engage at optimal times during the process."
The company's March Series C round was lead by LiveOak Venture Partners, Royal Bank of Canada, Northwestern Mutual Future Ventures and real estate and relocation services company Realogy Holdings. This latest funding round's success bring OJO Labs' total raised to $65.5 million.
Following the acquisition of RealSavvy, OJO Labs plans to incorporate the acquired company's platform into their existing platform. The specific financial terms of the deal were not disclosed.