Relevance AI Raises $24M to Accelerate AI Agent Adoption in the Workplace
As the use of artificial intelligence (AI) is increasing in workplaces, AI agents are also becoming a part of companies like humans. According to a report by Boston Consulting Group, the market for AI agents will grow at a rate of about 45% every year in the next five years.
AI agents are also now being onboarded in the company like employees, where they learn different responsibilities, understand company information and business context, and get involved in the workflow. The special thing is that they keep improving themselves continuously compared to traditional automation tools.
Relevance AI, a startup based in San Francisco and Sydney, has now raised $24 million in a Series B funding round. The investment was led by Bessemer Venture Partners, while old investors like King River Capital, Insight Partners and Peak XV also participated. So far the company has received a total funding of $37 million.
Relevance AI said that they are growing rapidly and so far more than 40,000 AI agents have been registered on their platform. Their customers include companies like Qualified, Activision and Safety Culture.
The company is now competing with giants like Retell, Qeen.ai, SmythOS, Gooey.AI, Cykel AI and Microsoft. According to CEO Daniel Vasilev, the aim of Relevance AI is to train agents according to the specific workflow of companies. This platform does not depend on any one technology or tool, so that customers can use their entire technical system.
Relevance will now use this funding to further improve its services and support its customers in Australia and the US. CEO Vasilev has shifted to start the company’s new office in San Francisco. The company now has 80 employees, whereas in 2023 this number was only 19.
With the Series B funding, the company has also launched two new features:
“Workforce”: A no-code system that allows even those with no technical knowledge to create and manage teams of agents.
“Invent”: A tool that allows users to create their own AI agents using only text prompts.
