Elula's focus is customer retention and customer acquisition.

Its main products are Sticky (which predicts which home loan customers will refinance or sell their property within the next three months) and Nudge (which predicts which financial institution customers are most likely to acquire additional products and services).

The deal is not a passive investment: Pexa plans to work more closely with Elula to enrich the property data that Pexa Insights provides to the property industry and the financial institutions that are source of home loans.

As Pexa continues to build its reputation as a trusted leader and resource for robust, real-time property data, it is critical we continue to identify opportunities that extend our offering and enhance the property ecosystem to best meet the needs of Australian consumers," said Pexa chief data and analytics officer Scott Butterworth.

"We are truly excited to be partnering with some of Australia's leading data scientists at Elula. Pexa's strong financial institution network, credibility, and additional market-wide refinancing data, can support Elula in gaining greater access and conversion with the major banks, as well as strengthen Elula's product suite."

Elula co-founder and co-CEO Josh Shipman said "Our goal, since we started, has been to make a meaningful and positive difference to businesses through the use of AI. We're excited by what the Pexa partnership will bring to further achieving this goal. Elula is delighted to be partnering with Pexa and this investment will allow us to accelerate our strategic growth plans by bringing new products to market."

Elula co-founder and co-CEO Sarah Russell said: "This investment by Pexa brings together two leading data businesses. It will allow us to further enhance Elula's proven product offering and develop new ways to add value for customers in an ever-changing environment."