The commercial real estate industry is entering a new phase of digital transformation, and startup Rely wants to be at the center of it. The company has raised $4.5 million in seed funding to expand its AI-powered platform designed to simplify multifamily property diligence, a process that is often slow, manual, and expensive.
According to reports from PropTechBuzz and other verified industry sources, the funding round was led by 2048 Ventures with participation from Range Ventures and Better Tomorrow Ventures. The investment will help Rely grow its engineering team and expand partnerships across the real estate and lending sectors.
AI Platform Targets Multifamily Real Estate
Founded by George Matelich and David LoBosco, Rely focuses on automating the complex diligence work involved in multifamily real estate transactions. The Portland-based company has developed software that can review and organize large volumes of property documents within minutes.
In traditional property transactions, teams often spend days or weeks manually reviewing lease agreements, rent rolls, vendor contracts, utility records, and operational files. These tasks are commonly handled through spreadsheets and outsourced audits, creating delays during acquisitions and financing processes.
Rely’s platform uses artificial intelligence to classify documents, extract key information, and generate structured reports linked directly to original source files. The company says the system can handle lease audits, concessions, deposits, vendor agreements, utility reviews, and operational analysis. Rely is also working on financial audit capabilities as part of its expanding product offering.
Early Customers Already Using the Technology
The startup has already attracted several early customers, including Cardinal Group, Preiss, and Olympus Housing Capital.
One example highlighted by the company involved Preiss, where staff members previously reviewed between 15 and 30 files per resident during diligence audits. According to company statements, those reviews sometimes required up to ten employees and could take one to two weeks to complete manually.
Rely stated that its AI platform reduced the same review process to less than one hour. Matt Guzman, Director of Special Projects at Preiss, said the software helped teams spend less time reviewing paperwork and more time focusing on operations and leasing activities.
Growing Interest in AI-Powered PropTech
The funding reflects increasing investor interest in artificial intelligence tools built for commercial real estate operations. As property owners and lenders look for faster and more efficient transaction processes, startups developing automation platforms are attracting strong attention from venture capital firms.
Rely says its long-term goal is to build a shared transaction data system that allows buyers, sellers, operators, and lenders to work from the same structured information. With fresh funding now secured, the company plans to continue expanding its technology and hiring efforts across New York and New England.
The latest investment signals growing confidence that AI-driven diligence platforms could become a major part of the future of multifamily real estate transactions.
