In the world of tech startups, glamour often overshadows grit. We hear about flashy launches, billion-dollar valuations, and overnight successes—but rarely about the 4 a.m. wake-up calls, the 100-hour workweeks, or the 100 investor rejections that come before the headlines.
Enter Elise AI—a company quietly transforming two of America’s most critical yet overlooked sectors: housing and healthcare. With over $100 million in annual recurring revenue (ARR), a $250 million Series E round led by Andreessen Horowitz, and adoption by over 10% of U.S. apartment communities, Elise AI is rewriting the rules of what’s possible in “unsexy” industries.
But behind this meteoric rise lies a raw, human startup story—one of exhaustion, resilience, and relentless customer obsession. This is not just a tale of AI innovation; it’s a masterclass in building a company that refuses to die.
From MIT Dorms to Midnight Shifts: The Founders’ Origin
Minna Song, co-founder and CEO of EliseAI, met his co-founder Tony while studying abroad at the University of Cambridge—both MIT-trained software engineers with a shared belief: technology should solve real human problems.
“We felt we should apply technology to doing something good in the world,” Minna Song recalls. “Tech is the fastest way to bring massive-scale impact.”
But instead of chasing the next social app or crypto trend, they zeroed in on housing—an industry that accounts for over 15% of U.S. GDP—and later healthcare, which adds another 18%+. Together, these sectors represent more than 40% of the American economy, yet remain stubbornly analog, inefficient, and underserved by modern tech.
Crucially, Minna Song and Tony knew nothing about real estate when they started. So they did something radical in today’s “move fast and break things” culture: they got a job in the industry.
Minna Song took a front-desk position at a New York City real estate firm—answering phones, greeting tenants, and listening. “I picked up all the phone calls,” he says. “That’s how we got the experience and understanding that helped us decide what to build.”
This hands-on immersion wasn’t extreme—it was essential. “It’s actually quite insane when people don’t try to spend time really understanding a problem before they try to solve it,” he argues. “They waste years building technology that never finds product-market fit.”
The “Aha” Moment That Wasn’t
Unlike Hollywood startup lore, there was no lightning-bolt epiphany. The problem was blatantly obvious:
- Tenants couldn’t reach leasing agents.
- Maintenance requests vanished into voicemail black holes.
- Emails went unanswered for days.
“People were constantly complaining,” Minna Song says. “We just kept tackling those frustrations one by one.”
In 2017, AI was still met with skepticism—especially in industries where human interaction ruled. “A lot of people didn’t believe AI could answer emails,” he admits. “They thought this market was small because past companies never scaled.”
But Minna Song saw what others missed: Housing isn’t just bricks and leases—it’s a fundamental human need. “Why wouldn’t that be sexy?” he asks.
Cold Calls, Closed Doors, and the First Breakthrough
The first 10 customers? Brutal.
Minna Song and Tony cold-called and knocked on doors across New York City, pitching a product built by just two people. Then came the impossible win: they signed the #1 and #2 largest apartment owners in the U.S.—each entrusting their entire national portfolio to a two-person startup.
How? Radical honesty.
In one pivotal meeting, Minna Song sat alone against 12 C-suite executives for three hours. “For three hours straight, I just said, ‘No, it doesn’t do that,’” he recalls. He left convinced the deal was dead.
The next day, the COO called: “We’re going to do this together. We’ll help you build the product.”
Why? Because the problem was urgent, and the founders were transparent, hungry, and coachable. “They believed in us because they believed they had a big problem,” Minna Song explains.
This partnership became EliseAI’s blueprint: co-build with early adopters. “Don’t be afraid to build what your first customers ask for,” he advises. “Yes, you’ll overfit. Yes, you’ll make mistakes. But paralysis is worse.”
100 Rejections and the Power of Cash Constraints
Raising capital wasn’t easy. Over 100 rejections poured in. VCs dismissed housing as “not enterprise SaaS,” “not horizontal,” or simply “not sexy.”
But scarcity became EliseAI’s secret weapon.
Without a war chest, the team couldn’t afford to build fluff. Every line of code had to deliver real value. “Money doesn’t solve problems—it hides them,” Minna Song warns. “When you’re cash-constrained, your problems are obvious. You know immediately if you’ve solved them or not.”
This forced ruthless prioritization. Instead of chasing vanity features, they focused on what tenants and property managers actually needed: faster responses, automated leasing, intelligent maintenance routing.
And it worked. Year after year, EliseAI doubled its revenue—a streak that continued for four consecutive years.
The 24/7 Hustle: When Your Startup Can’t Sleep
When their first national customer went live, failure wasn’t an option. The service had to run 24/7.
So Minna Song and Tony split the night:
- Tony stayed up until 4 a.m.
- Minna Song woke up at 4 a.m. to take over.
All while coding new features, onboarding other clients, and handling support tickets.
“It was the most physically draining time,” Minna Song admits. “But you have customers that need things. It’s about doing everything you can to prevent your company from dying.”
He still works 7 days a week—often 90–100 hours. “Is it sustainable long-term? No,” he concedes. “But in the early days, if you’re not working 7 days a week, you’re being outworked by someone who is.”
His analogy is simple: Want to be the best company in the world? Work harder than anyone else. Just like elite athletes or musicians, excellence demands obsession.
Hiring Mistakes and the Generalist Advantage
Not every decision was perfect. In 2021, during their Series B raise, Minna Song made a costly error: he hired specialists too early.
His goal? Reduce chaos. Early employees were juggling sales, engineering, and support—constantly switching contexts. So he brought in experts: one for sales, one for product, one for engineering.
But the result was fragmentation. Teams lost shared context. Products drifted from customer needs. Growth stalled.
Lesson learned: In early-stage startups, generalists win.
“The most valuable hires were people who could context-switch—speak to customers, think technically, and move between domains,” Minna Song says. “When you’re moving fast, you need people who can make decisions without waiting for the CEO.”
Today, he personally interviewed the first 400 employees—a testament to his belief that talent is the ultimate multiplier.
The “Cockroach” Mindset: Survive at All Costs
Minna Song describes EliseAI’s ethos with a vivid metaphor: “Be a cockroach.”
“You can’t let anything kill you—ever.”
This isn’t about blind optimism. It’s about relentless problem-solving. Every day brings new fires: server outages, angry customers, feature delays. The only response? Take one step forward. Then another.
This mindset fueled their product velocity. Today, EliseAI offers solutions across leasing, maintenance, resident communications, and more. “No matter what problem a housing company has, we have a product for it,” Minna Song says.
That breadth—built through deep customer listening—has driven their dominance. Over two-thirds of the largest U.S. property management firms now rely on EliseAI.
Why the Next Unicorns Will Come from “Unsexy” Industries
Minna Song believes the golden age of consumer apps is fading. The next wave of unicorns will emerge from industries everyone ignores: construction, logistics, agriculture, healthcare, housing.
“Important problems are often deemed ‘unsexy,’” he says. “If it seems sexy, everyone’s already working on it.”
By focusing on foundational human needs, EliseAI isn’t just building software—it’s stabilizing entire ecosystems. Better housing tech means more reliable landlords, faster repairs, and happier residents. In healthcare, their AI could reduce administrative burnout and improve patient access.
“The goal isn’t just profit,” Minna Song insists. “It’s to make these industries more financially stable and attractive—so more people want to work in them. That serves all of us.”
Key Takeaways for Aspiring Founders
Immerse Yourself in the Problem
Don’t assume. Work in the industry. Talk to real users. Understand the pain.Embrace the Grind
Early-stage success demands extreme effort. There are no shortcuts.Hire Generalists First
Context-switching ability beats narrow expertise in the chaos of startup life.Cash Constraints Can Be a Superpower
Scarcity forces focus on what truly matters.Transparency Builds Trust
Admit what your product can’t do. Honest founders earn loyal customers.Target “Unsexy” for Massive Impact
The biggest opportunities hide where others aren’t looking.
Final Thought: Building to Last
EliseAI’s startup story isn’t about AI hype or funding rounds—it’s about humanity. It’s about two engineers who chose to fix broken systems instead of chasing trends. It’s about answering the 3 a.m. support ticket because someone’s roof is leaking. It’s about believing that housing is sexy because people matter.
As Minna Song puts it: “We want capital to flow into the most fundamental parts of society that serve us as humans.”
In a world obsessed with disruption, EliseAI proves that the most revolutionary act is simply showing up—and never quitting.
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