CALGARY, Feb 7, 2024 — Calgary-based proptech startup OpenHouse.ai has raised $1.5 million CAD in seed funding to accelerate the growth of its AI-driven platform designed to help homebuilders better understand market demand and optimize construction operations.
The funding round, which closed in January, was led by Trico Ventures, with participation from undisclosed home builders across the U.S. and Canada. The company’s shareholder base includes key players from the homebuilding industry, venture capital firms, and housing research organizations, including the Urban Land Institute and the National Home Builders Association, OpenHouse confirmed in a statement to BetaKit.
Founded in 2018 by Will Zhang and Yanky Li, OpenHouse launched its digital platform in 2022. The solution acts as a housing storefront that uses customer behavior data to provide builders with insights into desired features, floor plans, and market preferences in specific communities. The goal, according to the company, is to enable builders to align product offerings with shifting buyer behavior while improving construction efficiency.
The platform also identifies construction bottlenecks, helps reduce build cycle times, and minimizes material waste — capabilities OpenHouse says are vital for increasing housing affordability and availability across North America.
“By leveraging AI, we can offer builders new solutions to manage their risks and navigate cyclical market conditions with confidence and predictability,” said CEO Will Zhang. “This improves productivity, delivers homes more efficiently, and increases profitability by matching sales to market demand.”
The new capital will be used for large-scale investments in product development, as well as boosting sales and marketing efforts across North America. OpenHouse said the funding will support further deployment of its platform in new markets, building on its recent expansions into Washington, Colorado, and Tennessee, along with a deeper presence in Alberta, following its partnership with Trico Homes in June 2023.
To date, the company has raised $3 million CAD, including this most recent round.
OpenHouse also emphasized the broader industry need for innovation as Canada grapples with a worsening housing crisis. The Canada Mortgage and Housing Corporation (CMHC) reported in late 2023 that the country would require an additional 3.5 million housing units by 2030 to restore affordability — a goal that startups like OpenHouse aim to support through smarter, AI-powered development strategies.
