Prophia

Prophia is a technology company that provides an AI-powered platform for extracting and managing data from commercial real estate (CRE) contracts and documents. The company's software scans PDF contracts, leases, and other documents, extracting key information such as square footage, rental rates, and lease terms. Prophia's platform then organizes and structures this data, making it accessible and searchable for CRE professionals.

Prophia's technology leverages machine learning and natural language processing to automate the process of lease abstraction, which has traditionally been a manual and time-consuming task. By automating this process, the company aims to help CRE firms operate more efficiently, mitigate risk, and make better-informed decisions.

As of December 2022, Prophia's software had processed over one million pages of documents across 1,800 locations. The company reported a 250% growth in annual recurring revenue in 2022 and maintained a 100% customer retention rate. Prophia has expanded its suite of patented technologies and capabilities to meet the growing demand for its services.

In December 2022, Prophia raised USD 10.2 million in a Series A funding round led by Cercano Management, with participation from SignalFire. The company plans to use this funding to boost product development, expand its sales and marketing efforts, and grow its commercial team.

Key customers and partnerships

Prophia's key customers include prominent CRE firms such as RXR, Nuveen, and Spear Street Capital. RXR, a major commercial real estate firm in New York City, has integrated Prophia's platform across its office and retail portfolio, streamlining data access and enabling faster decision-making.

The company has also formed notable partnerships with industry leaders like Yardi and MRI Software, integrating its platform with their property management systems.