Relevance AI Raises $24M to Help Businesses Build Their Own AI Agents

Relevance AI, a startup based in San Francisco and Sydney, has raised fresh $24 million in Series B funding to help advance its platform that enables businesses to create and manage AI agents. The funding round was led by Bessemer Venture Partners, with participation from existing investors King River Capital, Insight Partners, and Peak XV, bringing the company’s total funding to $37 million.

The company plans to use the new funds to enhance its AI agent capabilities and expand its customer support, particularly in its primary markets of Australia and the U.S. Co-founder and co-CEO Daniel Vassilev has relocated to San Francisco to establish a new office and build the go-to-market team there. Relevance AI has grown its team to 80 employees across its San Francisco and Sydney offices, up from 19 in 2023.

Relevance AI’s platform allows businesses to build teams of AI agents that can perform tasks such as managing emails, qualifying leads, and writing content. The company has introduced two new features: “Workforce,” a no-code multi-agent system for building specialized teams of agents, and “Invent,” a tool that lets users create AI agents using text prompts.

The company reports that 40,000 AI agents have been registered on its platform, with customers including Qualified, Activision, and Safety Culture.

Relevance AI faces competition from other players in the AI agent space, such as Retell, Qeen.ai, SmythOS, Gooey.AI, Cykel AI, and Microsoft. However, Vassilev notes that Relevance AI’s platform is tool- and model-agnostic, allowing customers to leverage their entire tech stack across their business, rather than being confined to a single vendor’s ecosystem.

The market for AI agents is expected to grow at a 45% compound annual growth rate over the next five years, according to a report by Boston Consulting Group.

What Relevance AI is ?

Relevance AI is a San Francisco and Sydney based startup that helps businesses easily build and manage AI agents—digital assistants that can automate tasks like email management, lead qualification, content writing, and more. Its no-code platform is designed so even non-tech teams can create useful AI tools without coding.

AI agents have already been created on its platform. With clients like Activision and SafetyCulture, Relevance AI is making advanced AI tools more accessible to everyday businesses.