First.io, a startup that uses artificial intelligence to predict when people are going to move, has raised $5 million in Series A funding.
Launched in 2016, the Durham, North Carolina-based company develops software that predicts when people are likely to buy a home based on salaries, spending behaviors and major life events. Through machine learning and artificial intelligence, First.io organizes the contacts in a real estate agent’s database and tells agents the best time to reach out about a potential home sale.
“First helps agents identify the relationships they should be nurturing, and puts them in the right place at the right time to unlock the latent value of an agent’s network,” said First founder and CEO Mike Schneider in a statement.
“This round of funding not only brings us partners with a wealth of expertise and additional, powerful distribution channels. It will also accelerate our development of new innovative products to help top agents leverage industry-leading intelligence to grow their businesses faster than ever.”
The funding round was led by MATH Venture Partners, Nine Four Ventures, and @properties brokerage firm’s co-founders Thad Wong and Mike Golden, Chicago-based investors who have all backed various startups using real estate technology in innovative ways.
“We love the technology, and we’re excited about the success that brokers around the country are having with First,” said Thad Wong, co-founder of @properties in a statement.
“We can provide a platform to accelerate First’s growth not only within @properties but throughout the brokerage industry. Our business was built on relationships so this is well-aligned with our mission.”
The new funding will go toward expanding the company and developing products for analyzing large-scale client bases through AI. First.io, which was once a runner-up at a Realogy startup contest, is used by brokers at over 200 real estate firms.
“First meets three important criteria for our portfolio companies,” said Troy Henikoff, managing director of MATH Venture Partners, in a statement. “We have a superior management team; they have validated technology that creates major efficiencies in an area where little innovation has occurred; and they have a significant advantage in customer acquisition.”