Relocation services firm Realogy has participated in a $45m series C round for Ojo Labs, the US-based developer of an artificial intelligence (AI)-powered chatbot for real estate transactions.
The round also included financial services firms Royal Bank of Canada (RBC) and Northwestern Mutual, the latter of which invested through its Northwestern Mutual Future Ventures unit, in addition to venture capital firm LiveOak Venture Partners.
Ojo is developing an AI-based virtual assistant that uses machine learning technology to communicate with realtors and homebuyers, supplying information on prospective properties.
The technology scans data sources to provide homebuyers with listings information, neighbourhood locations, school information and budget guidance through text messaging and third-party messaging platforms. It then matches the buyer with real estate agents based on their criteria.
The company plans to use the series C funds to boost the size of its data science, engineering, product and design teams.
Realogy, RBC, Northwestern Mutual Future Ventures and LiveOak had previously invested in Ojo through a $20.5m series B round in May 2018 that included residential services provider ServiceMaster and VC firm Silverton Partners.
LiveOak and Silverton Partners had already backed the company’s $5.9m series A round in 2016, a securities filing at the time indicated.