Changea startup that built AI-powered commercial real estate software for institutional investors, raised $18 million in a Series A round at a valuation of $100 million, it exclusively told Crunchbase News.
Maverick Businesses led the financing, which included participation from Y combiner, Adverb and angel investors from OpenAI, Anthropic And Notionamong others. Founded in 2022 by former institutional commercial real estate operators Leia de Guzman And Stephanie GraysonCambio has now raised a total of $22 million. She participated in Y Combinator’s summer 2022 cohort 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” across enterprise clients and geographies – expanding to 35 countries and more than 2 billion square feet of assets. It recently opened an office in London to support growth in the EU and APAC region.
From “Messy” Data to Investment Grade Data
Simply put, Cambio uses large language models and agentic AI workflows to transform “messy construction data into investor-grade decisions and reports.” And it claims to do it in minutes.
“Commercial building owners are sitting on thousands of pages of unstructured documents — spreadsheets, PDFs, invoices, energy audits, regulatory filings — that historically required months of manual analysis,” de Guzman told Crunchbase News. “Cambio applies large language models and agentic AI to automatically ingest, reason, and synthesize this data, delivering investment-grade capital and compliance decisions in minutes.”
Cambio, she said, is built around agentic AI software that can reason about unstructured data, run multi-step analytics and “continuously adapt to changing regulations, assets and market conditions.”
In a nutshell, it aims to help institutional investors determine where to deploy their capital, which assets to prioritize, and how to maximize returns. Customers include Oxford Properties, Nuveen, Main, BGO And Flagship capitalamong others.
The market opportunity, according to de Guzman, is enormous: commercial real estate is estimated at a $20 trillion+ industry in the United States only.
In 2025, global real estate-related startups raised approximately $10.5 billion in seed-to-growth-stage funding, according to Crunchbase. data. That’s an increase of about 17% from 2024’s $9 billion.
A history of the industry
Part of Cambio’s strategy is building a (largely female) leadership team that has directly worked in the space it’s trying to serve. De Guzman and Grayson began their careers within large institutional firms such as KKR and Oxford Properties.
The startup also recently hired Goldman Sachs former student Lizzie Leon to take on the position of Product Innovation Manager. Katerina Kaimakamisformerly of Oxford Properties and CBREhas been chosen to lead Cambio’s European and APAC operations.
The move from institutions to a startup that serves them reflects a broader shift underway in commercial real estate, Grayson noted — the choice “to step into the AI transformation, and not just observe it from the sidelines.”
Cambio operates an enterprise SaaS revenue model. It plans to use its new capital primarily to advance its products and engineering.
Ryan Isonomanaging director of Maverick Ventures, told Crunchbase News via email that his company was impressed that Cambio’s founders had spent more than two decades managing commercial real estate portfolios.
“That lived experience matters,” he said. “This allowed them to intuitively understand that it was not a tooling problem, but a workflow problem. »
Maverick was also impressed that Cambio wasn’t trying to “integrate AI into existing processes.”
“Rearchitect the workflow”
“Cambio doesn’t automate the edges, it re-engineers the end-to-end workflow in an AI-native way, with a deeply product-focused approach,” Isono said. “Knowing what to build, what workflow to fit into, and how to sequence products requires having experienced those workflows, which Leia and Steph have.”
The investor also praised the startup’s technical team, noting that the CTO Leon Chen was one of the first back-end engineers at Make a fool of yourselfa marketplace and wholesale platform valued at nearly $13 billion in 2022. That technical team, he said, also includes doctors with “deep expertise” in building science.
“This is important because commercial real estate is fundamentally tied to the physical world. Much of the data is not clean or fully digitized, and automating it is much more difficult than in purely digital fields,” Isono said. “A solution that unlocks a uniquely valuable data set that accumulates over time.”
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Illustration: Dom Guzman
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