Rely announces that $4.5m has been raised in a seed funding round to scale its AI-native platform for multifamily transaction diligence. The seed round saw participation from Range Ventures and Better Tomorrow Ventures, and early customers include Cardinal Group, Preiss and Olympus.
“We’re not another underwriting tool. We’re replacing a human process that currently takes weeks and compressing it into a matter of hours, while actually increasing the accuracy of the review. Every output links back to its source document, so teams can trust our results and act on them.”
George Matelich, Founder and CEO, Rely
Rely eliminates the bottleneck, ingesting entire data rooms and transforming them into structured, source-linked data in minutes through an AI-native classification and analysis engine, so deal teams can move faster without sacrificing accuracy or completeness.
As transaction volume grows and operational complexity increases, the cost of a slow or error-prone diligence process has never been higher.
Acquiring or transitioning a multifamily asset requires teams to review thousands of unstructured documents.
This could be documents such as leases, vendor contracts, utility agreements and financials. A process that routinely takes weeks, relies on spreadsheets and outsourced audits, and still produces incomplete results.
“Rely is bringing an AI-native approach to one of the most manual workflows in real estate. The team is compressing lease audits that once took weeks into hours – and we believe they’re building the foundational infrastructure for multifamily diligence.”
Zann Ali, Partner, 2048 Ventures
Early customer results validate the approach. In a case study with Preiss, the manual process previously required up to ten staff members reviewing 15 to 30 files per resident across entire data rooms, with audits taking one to two weeks to complete.
When a deal fell through mid-audit and came back with 30% turnover, the team had to start over – with 15 to 20 people working around the clock to hit a three-day deadline.
Using Rely, that same process was completed in less than an hour, at two to three times the cost savings of alternative solutions, allowing staff to stay focused on leasing and operations rather than document review.
“Using Rely, a week-long process gets cut down to an hour, and that hour is spent double-checking, not doing the work.
“No team to corral, no staff pulled off their other responsibilities. When due diligence means reviewing 15 to 30 files per resident against a hard deadline, that’s not a small thing – that’s the difference between a smooth close and an all-hands emergency.”
Matt Guzman, Director of Special Projects, Preiss
The platform automatically classifies and analyses thousands of files, producing structured, source-linked outputs for lease audits (rent, fees, concessions, deposits and terms), utility and vendor contract reviews, work order and operational analysis, and financial audits in development.
“Every acquisition team should be closing with complete, accurate data – not relying on manual data entry. Lease audits are where we started, but the vision is bigger – to become the system of record for real estate transactions, where buyers, sellers, lenders, and operators are all working from the same structured, reliable data layer.”
George Matelich, Founder and CEO, Rely
With the new funding, Rely plans to grow its engineering team with key hires in New York and New England and strengthen network relationships with lenders and servicers.
