OJO Labs Raises $45 Million in Series C Funding to Accelerate Product Development and Fuel Expansion
Powerful Technology Offers the Best Home Buying, Selling Experience for Millions of Consumers
OJO Labs, which empowers consumers to make better decisions by providing the AI-based personal assistant “OJO,” has raised $45 million in Series C funding to accelerate its development and market expansion. The company will further increase its market-leading position with significant hiring in its data science, engineering, product and design teams. The round is funded by a group of participants deeply committed to both consumers and real estate industry professionals, including LiveOak Venture Partners, Realogy Holdings Corporation, Royal Bank of Canada and Northwestern Mutual Future Ventures.
OJO is a leading-edge virtual assistant that engages home buyers and sellers through natural conversations using mobile messaging and innovative web experiences that reimagine the home search and transaction experience. OJO Labs noted the new financing was made possible due to massive traction the company has been gaining with both consumers and partners. Its product has been live in 12 U.S. markets and Toronto, Canada, and is now being rolled out at a large scale nationwide.
“We have utilized a unique combination of AI technology and human operations to solve some very hard technical challenges,” said John Berkowitz, CEO of OJO Labs. “Our early investments and willingness to be first to market with this type of product gave us a significant head start in building our now-patented technology. We have been incorporating valuable learnings into our product. Doubling down on our investments now will further accelerate our competitive edge and, more importantly, will enable us to deliver a truly incredible experience for millions of consumers.”
OJO is the only AI-based digital assistant that can understand a home buyer’s or seller’s needs, preferences and goals, giving it the ability to create a personalized experience during the entire process. Partnering with real estate agents and brokerages, OJO is available for consumers 24/7 to help with listing information, home discovery, neighborhood selection, budget or financing guidance, and education surrounding one of the largest purchases consumers make. When consumers are ready, OJO matches them with highly qualified agents who can best serve their needs. By providing both parties with a foundation of information through a warm hand off, OJO helps to establish trust between the agent and the consumer from the start.
OJO’s ability to engage consumers with a conversational interface in tandem with rich visual experiences powered by photo-recognition technology, data analytics and personalized insights makes it the most relevant and engaging home shopping platform available. Behind the scenes, OJO is supported by an extensive network of industry experts who supplement the platform’s data with knowledge. Continuous data training improves the OJO platform to be smarter and more effective with every interaction. This patented combination of machine learning and human interaction is unlike any other industry technology.
According to Berkowitz, the firm’s revenue is ramping up fast. They are quickly expanding teams in each of their three offices – Austin, where OJO Labs is based; Minneapolis-St. Paul, where last fall, OJO Labs joined forces with leading real estate data services provider WolfNet; and St Lucia, where they operate their AI training and customer service teams. OJO Labs and WolfNet expect to add more than 50 new jobs in the two U.S. markets in the coming months.
OJO Labs Executive Vice President of Engineering Qingqing Ouyang says she is looking to rapidly grow their data science, engineering, product and design operations. “We’re hiring exceptional individuals who are energized by collaborating with talented peers, motivated by solving hard technical challenges and committed to providing the best experience for our customers,” said Ouyang. “This is an exciting time for the OJO team. We are wholeheartedly embracing the challenges of using AI to help our customers to make one of the most important decisions of their lives.”