Doppel, a San Francisco company that sells software to defend organizations against social engineering attacks, has acquired PropRise, a Y Combinator-backed startup that built AI tools for commercial real estate investment teams. Doppel announced the deal on November 4, 2026.
Doppel did not disclose terms. PropRise's two co-founders, chief executive Jean-Michael Diei and Matthew Krager, have joined Doppel's engineering organization, where the company said they will help speed up new work on its Social Engineering Defense platform.
The announcement was about the founders rather than PropRise's software. It did not say what will happen to PropRise's two products or to its customers. PropRise's website was still online on November 5 and carried no notice of the deal.
What PropRise built
PropRise was founded in 2023 and went through Y Combinator's Summer 2023 batch. According to its Y Combinator profile, it sold AI software to institutional commercial real estate investors, taking on the spreadsheet-heavy work of sourcing deals, underwriting them and running due diligence.
Its main product, Primer, takes documents such as offering memorandums, rent rolls and trailing twelve-month statements, reads them in full, reconciles figures that disagree and fills in the customer's own Excel model. Each cell links back to the document, page and table it came from, and PropRise said a new customer could see its first extraction two business days after kickoff.
A second product, Beacon, helped developers pick sites, with a focus on self-storage. On its Y Combinator page PropRise said the two products served more than 50 customers, including Public Storage, and its website said it was used by teams behind more than $50 billion of commercial real estate. Doppel's release said the founders grew PropRise to annual recurring revenue in the high six figures.
“We've built an engineering team that thrives on solving the world's hardest problems, and Jean-Michael and Matthew bring the exact kind of founder mentality and builder experience we want at Doppel.”
A corrected announcement
Doppel's release went out twice. The first version, distributed early on November 4 and syndicated by Yahoo Finance, described PropRise as a maker of AI software for commercial real estate that served institutional investors and real estate investment trusts, and presented the deal as a way to expand Doppel's platform.
That afternoon PR Newswire replaced it with a correction notice timed at 3:27 pm Eastern. The corrected text, which matches the copy on Doppel's own website, drops the real estate details and calls PropRise simply a Y Combinator-backed technology company. Its subheading now welcomes the two founders by name, and a reference to real estate clients was cut from Diei's quote.
The notice did not say what had been wrong with the first version. Its footer still held an unfilled template line in place of an explanation.
Why Doppel is buying
Doppel was founded in 2022 and is led by chief executive Kevin Tian and chief technology officer Rahul Madduluri, its co-founders. It sells digital risk protection, human risk management and email security, all run on a shared AI layer and threat graph it calls the Doppel Superintelligence Layer.
The company presented the deal as a hire of experienced builders. Madduluri said Diei and Krager had the founder mindset and building experience Doppel wanted, and that AI was changing social engineering so quickly that the company needed people who would question assumptions and move fast.
Diei said he and Krager had spent three years working on agentic AI and saw a large opening to apply that to a new kind of automated defense as cyber threats become more complex. He also pointed to Doppel's team and its rapid growth. According to the release, Doppel this year expanded into Japan and Toronto and passed 300 employees.
The founders and the funding
Both founders previously worked at Stripe. Diei's Y Combinator biography says he led applied machine learning work at Stripe, Embark Trucks and Microsoft and studied machine learning and computer vision at Carnegie Mellon University. Krager describes himself as a longtime iOS and full-stack developer who worked on recruiting tools at Facebook and on Stripe Terminal.
PropRise lists Y Combinator, General Catalyst and MetaProp as backers. The size and dates of its rounds were not reported. Its Y Combinator profile gives a team size of three, and the release names only the two co-founders as joining Doppel.
Doppel itself is a venture-backed startup. In November 2025 it raised a $70 million Series C led by Bessemer Venture Partners, taking its total funding to $124 million at a valuation above $600 million. Its other backers include Andreessen Horowitz and South Park Commons, and CrowdStrike chief executive George Kurtz joined that round as an individual investor.
