AiChat Announces Acquisition by reAlpha Tech Corp. to Accelerate Growth and expand into the U.S. Market

Singapore, 15th July 2024 – AiChat Pte. Ltd. (“AiChat”), a leading company specializing in AI-driven customer engagement solutions, today announced its acquisition by reAlpha Tech Corp. (“reAlpha”) (Nasdaq: AIRE), a real estate technology company developing and commercializing artificial intelligence (“AI”) technologies. This strategic partnership aims to accelerate AiChat’s growth in APAC and scale its operations in the U.S. market, leveraging reAlpha’s established presence and expertise.

The decision to join forces with reAlpha was driven by AiChat’s ambition to find a strategic partner capable of accelerating its growth trajectory. By aligning with reAlpha, a Nasdaq-listed company known for its pioneering GenAI technologies, AiChat is well-positioned to enhance its market presence and technological capabilities. reAlpha’s extensive resources and established market position in the U.S. provide AiChat with an unparalleled opportunity to scale faster and reach new heights in the global conversational AI market.

This acquisition marks a significant milestone for AiChat, as it ventures into the U.S. market, a new territory with immense potential. reAlpha’s robust infrastructure and strategic vision will support AiChat in navigating this expansion, ensuring a seamless integration of AiChat’s cutting-edge Conversational AI and customer engagement platform into reAlpha’s suite of technologies. This integration will enhance the capabilities of both companies, providing customers with more sophisticated and intelligent interaction tools.

AiChat’s impressive track record includes collaborations with renowned global brands, as well as strategic partnerships with Meta in the APAC region. AiChat’s Annual Recurring Revenue (ARR) has demonstrated a robust 46% YoY growth in 2023, highlighting its strong market position and growth potential. The global conversational AI market, projected to expand from USD $13.2 billion in 2024 to USD $49.9 billion by 2030, presents significant opportunities for both AiChat and reAlpha.

Giri Devanur, CEO of reAlpha, commented, “We are thrilled to welcome AiChat to the reAlpha group. This accretive acquisition is a large step in our journey to bring the multi-trillion-dollar global real estate industry into the digital era. AiChat’s innovative platform and talented team will accelerate our efforts to make Claire set the new standard for efficiency, accessibility and reliability when it comes to buying a new home.”

Kester Poh, CEO and founder of AiChat, along with the key management team, will continue to lead AiChat as part of the reAlpha group. This continuity ensures that AiChat’s deep domain expertise and innovative spirit will drive forward the combined company’s vision. Kester Poh commented, “Joining forces with reAlpha opens up exciting new opportunities for AiChat. We look forward to integrating our technology with reAlpha’s resources and expertise, which will help us to enhance our product offerings and expand our market leadership.”

As we embark on this new chapter, AiChat is poised to harness the combined strengths of both companies to drive innovation and redefine the future of AI-driven customer engagement. With reAlpha’s resources and market leadership, we are confident in our ability to accelerate growth, expand our footprint in the U.S., and deliver unprecedented value to our clients and stakeholders. Together, we will push the boundaries of what’s possible in the conversational AI space, setting new standards for excellence and transforming the industry on a global scale.

reAlpha is a real estate technology company with a mission to shape the property technology, or “proptech,” market landscape through the commercialization of artificial intelligence technologies and strategic synergistic acquisitions that complement our business model. For more information about reAlpha, visit www.reAlpha.com.

AiChat Pte. Ltd. is a Singapore-based company that develops AI-driven customer engagement solutions. Its platform leverages artificial intelligence to provide businesses with intelligent chatbots and automation tools that improve customer interactions and operational efficiency. For more information about AiChat, visit www.AiChat.com.

Claire, announced on April 24, 2024, is the real estate industry’s first generative AI-powered, zero-commission Smart Buyer’s Agent. The tagline: No fees. Just keys.™

Claire’s introduction aligns with major shifts in the real estate sector after the National Association of Realtors (NAR) agreed to eliminate the standard 6 percent sales commission, which equates to approximately $100 billion in realtor fees paid annually. Claire offers a cost-free alternative for home buyers by utilizing an AI-driven workflow that guides them through the home buying process.

Homebuyers can use Claire’s innovative conversational interface to guide them through every step of their journeys, from property search to closing the deal. By offering support 24/7, Claire is poised to make the homebuying process more efficient, enjoyable and cost-efficient. Claire matches buyers with their dream homes using over 400 data attributes and provides insights into market trends and property values. Additionally, Claire can assist with questions, booking property tours, submitting offers, and negotiations.

For more information on Claire, please visit www.reAlpha.com

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