Data Platform Cherre Raises $16M in Series A Round
Real estate data startup Cherre has raised $16 million in a Series A round led by Intel Capital, the company announced.
The New York-based company uses artificial intelligence to consolidate diverse real estate datasets, offering clients a trove of information to help inform underwriting and investment decisions.
The new funding brings the total raised by Cherre to $25 million since its founding in 2016. In addition to Intel, other participants in the investment round included Navitas Capital, Carthona Capital, Zigg Capital, and Dreamit Ventures.
“We plan to use the capital to support our continued growth in the U.S., as well as deepen our development of alpha-generating investment and underwriting tools for our clients,” Cherre co-founder and CEO L.D. Salmanson wrote in an email.
Cherre has accumulated information on 177 million properties and 84 million companies, consolidated from 315,000 datasets, according to information from the company. It joins other real estate startups like Reonomy and RCA Analytics, as well as incumbents like Costar, which each provide a platform that offers a wide variety of tools for analyzing real estate data.
“The global real estate industry is undergoing a transformation, catalyzed by massive data flows and the application of artificial intelligence,” Intel Capital’s Trina Van Pelt said in a prepared statement. “We see Cherre as critical infrastructure to accelerate the future of this industry.”
In addition to the capital raised, Cherre has established a debt facility with Silicon Valley Bank, but has not disclosed the amount, Salmanson confirmed.
Cherre was founded in 2016 by Salmanson and Ben Hizak, and launched commercially in 2018. They started 2019 with 20 employees, have tripled to a 60 person staff, and are continuing to hire.