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enture capital firm Thomvest Ventures has released its first-ever Top 50 AI Startups in Real Estate list, recognizing the growing impact of artificial intelligence on real estate. The unranked list features proptech startups that have demonstrated a foundational use of AI in their operations and services for clients.

    Thomvest gathered data on AI in real estate and presented it to traditional real estate companies, other investors, and non-AI proptech firms to identify the most promising AI businesses. "We had insights into the real estate AI universe with around 750 to 800 companies," said Nima Wedlake, managing director at Thomvest. "Our first filter was whether AI is core to the product offering or additive."

    The list highlights a growing trend of proptech companies using AI in meaningful ways, rather than just slapping it on as an afterthought. "It's changing the end product we can deliver to our customers or the use cases we can solve for," Wedlake said.

    Thomvest's methodology included filtering companies based on geography and excluding public companies that were too late-stage to be comparable. The firm also sought input from major proptech investors, large owners of real estate, and other stakeholders to identify promising AI startups.

    Among the top AI-centric proptech startups, Thomvest found pre-construction and construction tech startups to be over-represented on its initial list. Wedlake noted that many AI startups are focused on selling into real estate trades verticals, with varying levels of market penetration.

    Thomvest's own portfolio companies, Keyway and Maxwell, are included in the list, which is intended to be a snapshot in time rather than a definitive ranking. The firm plans to update the list annually and expects the percentage of AI-centric investments to increase.

    Wedlake emphasized the importance of creating immediate value for end users, citing EliseAI as an example of a company that has successfully commercialized its AI-powered leasing workflow automation platform. He also noted that sales and marketing still play a crucial role in the real estate technology landscape, even with the increasing impact of AI on software development.