Jones, an Israeli commercial real estate startup that automates the insurance compliance process for tenants and property managers, has raised a $ 12.5 Series A funding round, according to the company’s announcement on Monday.
The round was led by JLL Spark, a division of US-based commercial real estate firm JLL (Jones Lang LaSalle), and Khosla Ventures, joined by several other participants including Camber Creek, Rudin Management, DivcoWest and Sage Realty.
Jones, founded in 2017, aimed to simplify risk and compliance management for commercial property managers by leveraging AI technology for a software platform that functions as an easy-to-use tool to reduce the time and error involved in processing vendor claims. The technology could reduce the 12-day approval timeline to 2.5 days with higher accuracy, the company said.
“For too long, the commercial real estate industry has been held back by a cumbersome regulatory process that focuses more on who cannot enter buildings rather than how to get the job done,” said Jones CEO and co-founder Omri Stern. company statement. “We’re excited to use this investment to accelerate our mission, to simplify work and deliver best-in-class compliance.”
Jones said he will direct his funds to support his clients, including some of the largest real estate firms in the United States such as Lincoln Property Company, Prologis, DivcoWest, Rudin Management, Sage Realty and JLL.
Yishai Lerner, co-CEO of JLL Technologies, said Jones’ efforts to “automate the insurance compliance process end-to-end, create a record system that improves liability management, and create an unprecedented marketplace for trusted suppliers.” showcase “innovations in the proptech industry that turn problems upside down – create solutions, but create new opportunities.”
“We are proud to have partnered with Jones for the past 18 months and their supplier network is exactly the solution our industry needs,” said Michael Rudin, executive vice president of Rudin Management. “While such solutions have existed in the consumer space, the particular dynamics of our industry have acted as barriers to innovation and efficiency gains. At the end of the day, our tenants just want to be able to get the job done as simply and efficiently as possible, and we’re excited to see Jones bring that to life. ”
Jones lives in New York and his research and development department is based in Israel.