Real estate data and technology company CREXi has raised $30 million in its series B funding round. Mitsubishi Estate Co., Industry Ventures and Prudence Holdings led the funding round, along with existing investors Lerer Hippeau Ventures, and Jackson Square Ventures.

"This round of funding will allow us to scale our core operations servicing brokers, buyers and tenants, while investing in building out additional services, such as our data/analytics offerings and auctions platform, to service all aspects of Commercial Real Estate industry in a streamlined and simple platform," Mike DeGiorgio, founder and CEO of CREXi, tells GlobeSt.com. "In order to support the continued growth, we are adding heavily to our technology and customer service teams, given our focus on solving our customer's needs."

The firm will start by focusing on building the for-lease platform to create a customized experience based on the for-sale side of the market. "Additionally, we intend on growing our market insight and data business in addition to our transactional offerings like online Auctions and Elite programs," adds DeGiorgio.

These are initial goals over the next 12 months, but in the long-term, CREXi sees robust technology in commercial real estate. "We see an opportunity to leverage machine learning and AI to support the people who are at the core of the industry, finding new matches between supply and demand, creating opportunity for greater efficiency, giving all participants the ability to understand the value of a deal, and closing deals faster—ultimately, benefiting and transforming the entire industry," says DeGiorgio. "That said, we believe CRE will remain a human business perhaps like medicine. Technology should not be designed to replace doctors it should be designed to arm them with tools that can make them infinitely more effective. We want to do just that—arm the human element with the best tools and intelligence possible."

The current economy and market fundamentals will help to support the firm's growth. While it is impossible to predict market cycles, CREXi has expects a healthy year. "It's been tough to forecast the market in recent years, but the economy remains strong, which supports transactions for supply and demand across all property types," says DeGiorgio. "As in any election year, we believe there will be some market constriction, but commercial real estate remains a strong investment opportunity with historic amounts of equity on the sidelines needing placement so we envision it remaining an attractive asset class for some time."

In between its long- and short-term goals, CREXi plans to infuse technology in in commercial real estate. "CREXi is committed to connecting the industry nationally and simplifying the CRE process for the benefit of everyone involved," says DeGiorgio. "We fundamentally believe that being connected and having access to every aspect of the industry benefits the industry as a whole, ensuring efficient pricing, speed, transparency, and opportunity for supply and demand."