Relevance AI Secures $24M Series B to Expand AI Agent Platform and Workforce Features

Relevance AI, a startup headquartered in both San Francisco and Sydney, has secured $24 million in Series B funding, led by Bessemer Venture Partners. Additional investors, including King River Capital, Insight Partners, and Peak XV, also contributed to the round, bringing the total amount raised by Relevance to $37 million. Notably, the company refrained from disclosing its current valuation. This latest fundraising comes approximately 18 months after Relevance's Series A round, during which the company has experienced significant growth. Currently, Relevance's platform hosts 40,000 registered AI agents, serving clients such as Qualified, Activision, and Safety Culture. AI agents, much like human employees, can be integrated into various roles within a company. They can access internal information, understand business contexts, and seamlessly fit into existing workflows. Unlike traditional automation tools, these agents have the capacity to adapt and improve continuously, making them versatile and efficient. The market for AI agents is projected to expand rapidly, with Boston Consulting Group estimating a 45% compound annual growth rate over the next five years. This growth highlights the increasing importance of AI in modern business operations. Relevance AI faces competition from several other companies in the AI agent space, including Retell, Qeen.ai, SmythOS, Gooey.AI, Cykel AI, and Microsoft. According to co-CEO and co-founder Daniel Vassilev, the competition spans agent builder platforms, vertical agent software, and agent engineering frameworks. Major players like Salesforce have also made significant investments in this area, underscoring its potential. Vassilev emphasizes that Relevance AI stands out by allowing businesses to train AI agents to specialize in specific workflows unique to their organizations. Moreover, the platform is tool- and model-agnostic, giving customers the flexibility to integrate their existing technology stacks without being confined to a single vendor’s ecosystem. With the new funding, Relevance plans to enhance its product capabilities and provide robust customer support in its primary markets of Australia and the United States. Vassilev has moved to San Francisco to establish a local office and expand the company's go-to-market team. Today, Relevance employs 80 people across its San Francisco and Sydney offices, compared to just 19 in 2023, reflecting its substantial expansion. To coincide with the Series B funding, Relevance is launching two innovative features on its platform. "Workforce" is a no-code multi-agent system designed to enable both non-technical professionals and engineers to build and manage teams of specialized AI agents. These agents can collaborate effectively, completing complex tasks from start to finish, similar to how human teams operate. "Invent" is another new tool that allows users to create AI agents through simple text prompts, streamlining the development process and making it more accessible. Relevance AI's rapid growth and strategic features position it well to capitalize on the burgeoning AI agent market, offering businesses valuable tools to optimize their operations and streamline workflow processes.