AI agents builder trousers $37 million Series B

A Sydney AI-based workflow automation scaleup has raised US$24 million (A$37m) in a Series B.

The round for Relevance AI was led by Bessemer Venture Partners, supported by existing backers King River Capital, Insight Partners, and Peak XV.

The five-year-old AI agents business previously raised $15 million Series A in late 2023 to expand into the US and a $4 million Seed round in December 2021. The cap table also includes Galileo Ventures.

Having started life as an unstructured data analytics platform for vectors before evolving into helping companies build custom AI agents – think chatbots– for tasks such as answering customer inquiries, outbound sales, or market research, the company has now launched two features: ‘Workforce,’ a visual multi-agent system builder, and ‘Invent,’ a text-to-agent generator.

Cofounder and co-CEO Daniel Vassilev said that together they enable domain experts, as well as engineers, to create and deploy teams of specialised AI agents that integrate with existing tech stacks.

“This funding fuels our vision of making Relevance AI the definitive home of the AI workforce,” he said.

“We’re creating a world where organizations are limited only by their ideas, not their headcount. By the end of 2025, companies without an agent builder platform will find themselves at a significant competitive disadvantage.”

The company now employs more than 80 people across its San Francisco and Sydney offices andsaw 40,000 agents created on its platform in January this year. It counts Qualified, Activision, and SafetyCulture among its customers.

SafetyCulture MD Mike Welch said the ROI from their first agent deployment was immediate and dramatic.

“Now we’re looking at how to scale this across our entire organisation,” he said.

“There are countless areas where teams waste valuable time on basic admin work and routine processes.”

Relevance AI co-CEO Jacky Koh said the platform allows businesses to design an AI-first future.

“Instead of adapting AI to fit human workflows, we’re enabling an entirely new paradigm where companies build their processes around AI capabilities from the start,” he said.

“Domain experts can now describe what they need in natural language, and our platform generates a specialised agent in minutes.”

Jeremy Levine from Bessemer Venture Partners said the AI scaleup’s exponential growth “speaks volumes about the market demand for their platform”.