Relevance AI has raised $24 million in a Series B funding round led by Bessemer Venture Partners.
This latest investment brings the startup’s total funding to $37 million.
The company aims to use the funds to improve its AI agent platform and expand operations in Australia and the U.S.
Relevance AI was founded in 2020 and allows businesses to create custom AI agents to automate repetitive tasks.
Company Growth and Platform Capabilities
Relevance AI has registered 40,000 AI agents on its platform.
Its clients include Qualified, Activision, and Safety Culture.
The platform enables businesses to build specialized teams of AI agents that collaborate like human employees, completing complex workflows.
This approach differs from traditional automation tools by allowing AI agents to continuously adapt and improve operations.
According to a Boston Consulting Group report, the AI agent market is expected to grow at a 45% compound annual rate over five years.
Funding History and Strategic Expansion
In December 2023, Relevance AI secured $15 million in a Series A round led by King River Capital.
The company has more than 6,000 businesses using its platform, executing over 250,000 tasks.
CEO Daniel Vassilev recently relocated to San Francisco to establish a U.S. office and expand the go-to-market team.
The workforce has grown from 19 employees in 2023 to 80 across San Francisco and Sydney.
Platform Features and Market Position
Relevance AI offers a tool- and model-agnostic platform, letting customers integrate their entire technology stack.
This flexibility helps the company compete with players like Microsoft, Retell, and Qeen.ai.
Recently introduced features include “Workforce,” a no-code multi-agent system, and “Invent,” which creates AI agents from text prompts.
Relevance AI’s mission is to enable teams limited only by ideas, not size, by building a leading AI workforce platform.
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