Cambio, a San Francisco-based startup building AI-powered software for commercial real estate investors, has raised $18 million in a Series A round at a $100 million valuation.
Maverick Ventures led the round, with participation from Y Combinator, Adverb, and angel investors affiliated with OpenAI, Anthropic, and Notion. Founded in 2022 by former institutional real estate professionals Leia de Guzman and Stephanie Grayson, Cambio has raised a total of $22 million to date. The company was part of Y Combinator’s Summer 2022 cohort before shifting its focus to research and development.
Cambio launched its platform toward the end of 2023. Since then, the company says it has expanded its footprint across enterprise customers and multiple regions. According to de Guzman, the platform now supports assets spanning more than 2 billion square feet across 35 countries.
To support international growth, the company recently opened a London office. The move is aimed at strengthening its presence in Europe and the Asia-Pacific region.
Cambio positions its software as a way to convert fragmented building data into usable insights for institutional investors. The platform relies on large language models and agentic AI workflows to process complex, unstructured information.
“Commercial real estate owners sit 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 ingest, reason over, and synthesize that data automatically, delivering investment-grade capital and compliance decisions in minutes.”
According to the company, its system is designed to reason across different data sources, conduct multi-step analysis, and adjust as regulations and market conditions evolve.
At a practical level, the platform is intended to help investors decide where to allocate capital, which assets to prioritize, and how to improve portfolio performance. Cambio’s customer base includes Oxford Properties, Nuveen, Principal, BGO, and Beacon Capital.
Commercial real estate represents a large addressable market. De Guzman estimates the U.S. market alone to be worth more than $20 trillion.
Funding activity in the broader real estate technology sector has also remained steady. In 2025, real estate-focused startups raised approximately $10.5 billion globally across seed to growth-stage rounds, according to Crunchbase data. This marked a roughly 17% increase from $9 billion raised in 2024.
Cambio’s leadership team has direct experience in the institutional real estate sector. Both de Guzman and Grayson previously worked at firms such as KKR and Oxford Properties. The company has also added senior hires with similar backgrounds.
Former Goldman Sachs professional Lizzie Leon recently joined as head of product innovation. Meanwhile, Katerina Kaimakamis, who previously worked at Oxford Properties and CBRE, now leads Cambio’s European and APAC business.
Grayson described the transition from large institutions to a startup as part of a broader shift within the industry, calling it a decision “to step inside AI transformation, and not just observe it from the sidelines.”
Cambio operates on an enterprise SaaS model. The newly raised capital will primarily be used to expand product capabilities and scale engineering efforts.
Maverick Ventures managing director Ryan Isono said the firm was drawn to the founders’ industry background.
“That lived experience matters,” he said. “It gave them an intuitive understanding that this wasn’t a tooling problem – it was a workflow problem.”
Isono added that Cambio stood out for building its platform around AI from the ground up rather than layering it onto existing systems.
“Cambio isn’t automating around the edges, it’s re-architecting the workflow end to end in an AI-native way, with a deeply product-minded approach,” he said. “Knowing what to build, which workflow to wedge into, and how to sequence products requires having lived these workflows, which Leia and Steph have.”
He also highlighted the company’s technical leadership. CTO Leon Chen was an early backend engineer at Faire, a wholesale marketplace valued at nearly $13 billion in 2022. The broader engineering team includes PhDs with expertise in building science.
“That matters because commercial real estate is fundamentally tied to the physical world. Much of the data isn’t clean or fully digitized, and automating it is meaningfully harder than in purely digital domains,” Isono said. “Solving that unlocks a uniquely valuable dataset that compounds over time.”
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