Changea startup that creates artificial intelligence-powered commercial real estate software for institutional investors has raised $18 million in a Series A round at a $100 million valuation, Crunchbase News reports exclusively.
Maverick’s ventures led financing in which he participated, among others, Y combinator, Adverb and angel investors from OpenAI, Anthropic AND Conceptamong others. Founded in 2022 by former institutional commercial real estate operators Leia de Guzman AND Stephanie GraysonCambio has already raised a total of $22 million. He participated in the Y Combinator cohort in the summer of 2022 and then went into “R&D mode.”
The San Francisco-based company launched its offering in late 2023, and de Guzman says it has since seen “rapid adoption” among enterprise clients and across geographies – spanning 35 countries and over 2 billion square feet of assets. It recently opened an office in London to support growth in the EU and APAC region.
From “sloppy” data to investment-grade data
Put simply, Cambio uses large language models and AI-powered workflows to rework “messy building data into investor-grade decisions and reporting.” And it claims to do it in just a few minutes.
“Commercial property owners are sitting on thousands of pages of unstructured documents – spreadsheets, PDFs, invoices, energy audits, regulatory documents – that in the past required months of manual analysis,” de Guzman told Crunchbase News. “Cambio applies large language models and agent-based AI to automatically ingest, analyze and synthesize data, delivering investment-grade capital and compliance decisions in minutes.”
She said Cambio relies on agent-based artificial intelligence software that may analyze unstructured data, perform multi-step evaluation and “continuously adapt to changing regulations, assets and market conditions.”
In short, it goals to assist institutional investors determine where to allocate capital, what assets to prioritize and the way to maximize returns. Customers include Oxford Properties, Nuveen, Main, BGO AND Beacon Capitalamong others.
According to de Guzman, the market opportunity is enormous: commercial real estate is estimated to be so an industry value over $20 trillion in the US itself.
According to Crunchbase, global real estate startups raised roughly $10.5 billion in seed-to-growth financing in 2025. data. That’s an increase of about 17% from $9 billion in 2024.
Record achievements in the industry
Part of Cambio’s strategy is to build a (mostly female) leadership team that has worked directly in the space it goals to serve. De Guzman and Grayson began their careers at large institutional firms equivalent to KKR and Oxford Properties.
The startup also recently hired Goldman Sachs graduate Lizzie Leon function head of product innovation. Katerina Kaimakamisformerly Oxford Properties and CBREwas elected to go Cambio’s business in Europe and APAC.
The move from an institution to a startup serving them reflects a broader shift happening in commercial real estate, Grayson noted – a selection to “embrace the AI transformation rather than just watch it from the sidelines.”
Cambio operates an enterprise SaaS revenue model. It plans to make use of its recent capital primarily for product scaling and engineering.
Ryan Isonomanaging director of Maverick Ventures, told Crunchbase News via email that his company was impressed by the incontrovertible fact that Cambio’s founders had spent greater than two many years managing commercial real estate portfolios.
“It’s the lived experience that matters,” he said. “That gave them an intuitive understanding that it wasn’t a tooling problem – it was a workflow problem.”
Maverick was also impressed by the incontrovertible fact that Cambio wasn’t attempting to “embed AI into existing processes.”
“Workflow reorganization”
“Cambio doesn’t automate to the extreme, but instead rebuilds workflows end-to-end in an AI-native way, with a deeply product-centric approach,” Isono said. “Knowing what to build, how to engage in work, and how to structure products requires experience in these workflows, which Leia and Steph have.”
The investor also praised the startup’s technical team, being attentive to the CTO Leon Chen he was one of the first backend engineers in the company Faira trading and wholesale platform valued at almost $13 billion in 2022. This technical team, he added, also includes PhD students with “deep expertise” in the field of construction sciences.
“This matters because commercial real estate is fundamentally linked to the physical world. Much of the data is not clean or fully digitized and is much more difficult to automate than in purely digital domains,” Isono said. “Solving this problem unlocks an extremely valuable set of data that accumulates over time.”