Multifamily Deal Diligence Platform Rely Raises $4.5M in Seed Round

Proptech startup Rely announced Tuesday that it has raised $4.5 million in seed funding to scale its artificial intelligence-native platform for multifamily transaction diligence.

2048 Ventures led the round with Range Ventures and Better Tomorrow Ventures participating. Rely plans to use the new funding to grow its engineering team with key hires in New York and New England, and to strengthen network relationships with lenders and servicers.

Founded in January 2025, Portland, Maine-based Rely can ingest entire data rooms and transform them into structured, source-linked data in minutes through an AI-native classification and analysis engine, according to the company. It then enables deal teams to move faster without sacrificing accuracy or completeness.

“We take a giant mess of information in multifamily transactions or financing, and we help people structure it and audit it against financial statements,” said George Matelich, co-founder and CEO at Rely. “We are built on top of a patchwork of tools depending on what is best for the job.

“We are not another underwriting tool. We’re replacing a human process that currently takes weeks and compressing it into a matter of hours, while actually increasing the accuracy of the review. Every output links back to its source document, so teams can trust our results and act on them.”

The platform automatically classifies and analyzes thousands of files, producing outputs for lease audits. That can include rent, fees, concessions, deposits and terms, as well as utility and vendor contract reviews, work order and operational analysis. Rely also says it’s  developing financial audits.

Rely is working with some of the largest owners and operators in the U.S., too, including National Multifamily Housing Council Top 50 firms. Early customers include real estate multifamily and student housing companies Cardinal Group, Preiss and Olympus Housing Capital.

“Using Rely, a week-long process gets cut down to an hour, and that hour is spent double-checking, not doing the work,” Matt Guzman, director of special projects at Preiss, said in a statement. “No team to corral, no staff pulled off their other responsibilities. When due diligence means reviewing 15 to 30 files per resident against a hard deadline, that’s not a small thing — that’s the difference between a smooth close and an all-hands emergency.”

While Rely is initially focused on lease audits and diligence workflows, the company’s long-term vision is broader. By embedding into transition workflows and serving as the central system for data ingestion, validation and collaboration in multifamily, the startup aims to become the system of record for real estate transactions in that sector.

“Rely is bringing an AI-native approach to one of the most manual workflows in real estate,” Zann Ali, a partner at 2048 Ventures, said in a statement. “The team is compressing lease audits that once took weeks into hours — and we believe they’re building the foundational infrastructure for multifamily diligence.”

Philip Russo can be reached at prusso@commercialobserver.com.