OpenHouse.ai secures $1.5M seed financing

CPE News

CPE News (2.7.2024) – OpenHouse.ai has raised $1.5 million in seed funding led by Trico Ventures Corp. with participation from leading home builders from across the US and Canada.

Eleanor Chiu from Trico has joined OpenHouse board of directors.

Led by co-founder & CEO Will Zhang, Calgary based OpenHouse.ai is using artificial intelligence (AI) to deliver real solutions to real problems in the home building industry. Its Builder Intelligence Platform equips homebuilders with real-time analytical capabilities and tools to make data-driven decisions across your organization.

New funding will equip OpenHouse.ai to deploy its product offerings to more home builders across North America and help address the housing supply gap.

photo credit: OpenHouse

News Release

OpenHouse.ai Raises $1.5 Million in Seed Round

Funding Enables Fast-Growing Canadian Company to Accelerate Adoption of New AI Solutions for Home Builders

CALGARY, AB, Feb. 6, 2024 /CNW/ – OpenHouse.ai, a fast-growing Calgary-based company using artificial intelligence (AI) to deliver real solutions to real problems in the home building industry, announced it has closed on a $1.5 million seed funding round led by Trico Ventures Corp. with participation from leading home builders from across the US and Canada. The new funding will equip OpenHouse.ai to deploy its product offerings to more home builders across North America and help address the housing supply gap.

With 3.45 million new homes needed by 2030 to address Canada’s housing crisis, developers require new tools to optimize planning, improve efficiency and reduce waste in the construction process, and better understand market demand and home buyers’ needs. AI holds the key.

“Our mission is to empower home builders to make better, data-informed decisions that create meaningful outcomes and help them to thrive in this challenging market,” said OpenHouse.ai CEO and Co-founder Will Zhang. “Housing affordability and availability are significant challenges across North America. By leveraging AI, we can offer builders new solutions to manage their risks and navigate cyclical market conditions with confidence and predictability, improving productivity to deliver homes more efficiently and increase profitability by matching sales to market demand.”

OpenHouse.ai deploys advanced technologies to accelerate the digital transformation of a traditional and often slow-to-change industry. Launched in 2022, OpenHouse.ai’s OpenConnect platform helps builders understand buyers’ needs through AI-driven personalization. OpenPredict helps builders understand where the market is heading with foresight into market demand and shifting buyer behavior. OpenFlow brings everything together to identify bottlenecks and prioritize actions to optimize construction operations, reduce construction cycle time, and minimize waste.

The promise of AI to revolutionize how homes are built and sold in today’s volatile market is propelling the acceleration of AI adoption by home builders. In the last year, OpenHouse.ai has expanded the impact of AI within the home building industry, entering new markets in the US, such as Washington, Colorado, and Tennessee, while rapidly expanding in Alberta, Canada. Funding secured in the raise will support continued investment in its offerings to better serve home builders and, ultimately, buyers. It will also enable the company to prepare for large-scale investments in product development, optimize sales and marketing, and power up its repeatable and scalable growth model.

About OpenHouse.AI:
OpenHouse.ai Builder Intelligence Platform equips homebuilders with real-time analytical capabilities and tools to make data-driven decisions across your organization. Leverage the platform to gain a better understanding of home buyers, their preferences, and where your market is heading. See which homes and products are in highest demand in your communities. OpenHouse.AI helps homebuilders make data-driven decisions on when and where to build homes, as well as what the best homes are for each market.

SOURCE OpenHouse.AI

For further information:
Media contact: Kate Chandler, kate@chandlercommunications.ca, 250 466 5689