Re-Leased raises $12.5m for AI offering

Cloud-based property management company Re-Leased has completed an oversubscribed $12.5m (£9.5m) fundraise. The investment was led by by Movac, with participation from Icehouse Ventures and existing investors, and will enable Re-Leased to boost the use of AI within its software and finance expansion in the UK and US. Re-Leased’s AI-driven Credia product automates routine tasks such as reading maintenance requests from tenants and taking actions such as sending out requests for quotes, creating work orders and writing e-mails. “Our vision is to help our customers run a better real estate business,” said Tom Wallace, founder of Re-Leased. “The global real estate industry is facing significant headwinds and a cyclical downturn, and in this challenging environment we are seeing more property professionals recognise that automation and AI gives them a distinct advantage in the market.”