Relevance AI raises AU$15m to help businesses scale rapidly with autonomous AI workforces
Relevance AI, an Australian startup on a mission to help businesses build AI workforces to supercharge productivity, has raised AU$15M in a Series A funding round led by AI specialist VC, King River Capital along with global investors Peak XV’s Surge, Galileo Ventures and previous investor, Insight Partners. The latest round of funding will be used to scale its team globally, with plans to expand into San Francisco next year.
Relevance AI was launched to make it easy for any business to build custom AI agents that can autonomously complete repetitive reasoning tasks. It already has household names in tech, retail, property, and FMCG using its platform to build AI agents that automate tasks and supercharge productivity. The company’s technology is an essential component in enabling AI to enhance productivity for businesses of all sizes with the potential to unlock trillions of dollars of economic benefit across the global economy.
In the last three months alone, 6,000 companies have signed up with Relevance AI, and run over 250,000 tasks such as answering customer inquiries, managing outbound sales, or conducting market research.
Its long-term mission is to help companies build AI workforces — teams of AI agents with different specialities that work together to complete complex tasks. The latest round of funding will bring it closer to realising this mission.
Daniel Vassilev, Co-Founder of Relevance AI said, “Our mission is to enable teams to only be limited by their ideas, not their size – from the seasoned industry player to the ambitious newcomer. We take out the complexity and make it possible for AI agents to work autonomously and complete detailed workflows or accomplish complex tasks with accuracy and predictability that companies can trust. Working hand-in-hand with human teams, AI agents can enable businesses to scale like never before. Our platform is leading the way in the Multi-Agent Systems category. We’re proud to have leading venture capital firms across key regions backing us on our journey.”
Jacky Koh, Co-Founder of Relevance AI said, “Leading ML teams at large enterprises, I’ve seen first-hand the challenges presented in deploying the technology and the value it can drive. Over the last two years, we’ve seen the value grow even more with Generative AI. This is going to keep compounding, to the point where we envisage that the AI workforce will be the driving factor of the next doubling of human prosperity.”
Zeb Rice, Co-Founder of lead investor King River Capital, added, “Relevance is the first company in the world to truly move beyond the classic search box or co-pilot interface that has predominated with generative AI so far. Instead, Relevance AI unlocks this new technology’s true potential through the use of pre-built components and visual interfaces that help anyone create and manage AI teams from scratch, supercharging employee productivity. It’s a game changer.”
“The scale of human productivity unleashed by Generative AI is likely to be unprecedented,” said George Mathew, Managing Director at Insight Partners. “Relevance AI enables businesses to automate repetitive, costly and time-consuming tasks and to increase productivity, and we’re looking forward to expanding our partnership with the company.”
Generative AI’s impact on productivity is projected to add four trillion dollars in value to the global economy (1) (the “AI dividend”), and while many businesses are already using AI in some form today, its use is typically confined to supporting individuals with small parts of a single task using the search box type of interface that has defined human-computer interaction since the 1990s. AI unlocks an entirely new paradigm which, until Relevance AI, was confined only to businesses with large engineering teams that have the deep tech skills to be able to build their own AI agents. This emerging category of generative AI agents can perform more complex and custom tasks but building them has been extremely time-consuming and costly.
Relevance AI has two primary products that customers are using today. First, they built AI Tools, which customers can plug and play into their existing workflows to automate repetitive tasks. The next step in the platform’s growth is the development of AI Agents, which can complete entire workflows in functions like marketing, sales and research. Its latest agent is the BDR agent which helps sales leaders grow their top-of-funnel by automating manual tasks like finding and reaching out to prospects, responding to questions and booking appointments.
