US-based proptech startup Rely has raised $4.5 million in a seed funding round led by 2048 Ventures, with participation from Range Ventures and Better Tomorrow Ventures.
The company plans to use the capital to expand its AI-powered transaction diligence platform for the multifamily real estate sector. Rely also intends to grow its engineering team across New York and New England while strengthening relationships with lenders and servicing partners.
Addressing manual diligence workflows
Multifamily property acquisitions often require teams to review large volumes of documents, including leases, utility agreements, vendor contracts, and financial records. These reviews are typically handled through spreadsheets and manual audits, which can take several days or weeks to complete.
Rely’s platform is designed to automate this process. The company says its system can ingest data rooms, classify documents, and generate structured outputs linked directly to source files.
According to George Matelich, founder and CEO of Rely, the platform focuses on reducing the time spent on manual review processes.
He said the company is not positioning itself as another underwriting solution. Instead, it aims to replace operational workflows that currently require large teams and extended review periods.
Early customer use cases
Rely said early customers include Cardinal Group, Preiss, and Olympus.
In one customer case study shared by the company, Preiss previously relied on teams reviewing between 15 and 30 files per resident during diligence audits. The process often required up to ten staff members and could take one to two weeks to complete.
The company stated that when transaction timelines changed, teams sometimes had to restart the review process under tighter deadlines.
Using Rely’s platform, the same workflow was completed in under an hour, according to Preiss.
Matt Guzman, Director of Special Projects at Preiss, said the platform reduced the need to move operational staff away from leasing and property management tasks.
Platform capabilities
Rely’s software currently supports lease audits, utility and vendor contract reviews, and operational analysis. The company is also developing financial audit capabilities.
The platform generates structured outputs for rent terms, fees, concessions, deposits, work orders, and related operational records. Each output remains linked to the original source document for verification purposes.
Expansion plans
With the new funding, Rely plans to increase hiring and continue developing its transaction automation tools for the multifamily market.
Matelich said the company’s long-term goal is to create a shared system of record for real estate transactions where buyers, sellers, lenders, and operators work from the same structured data layer.
Founded by George Matelich and David LoBosc, Rely develops AI-based transaction software for the multifamily real estate industry.
