US VC Insight Partners doubles down on task automation startup Relevance AI in $15 million Series A

- December 14, 2023 2 MIN READ
Daniel Vassilev, Daniel Palmer and Jacky Koh
AI-based workflow automation startup has raised $15 million in a Series A as it looks to ramp up its international presence.

The round was led by King River Capital along with support from Peak XV’s Surge (the former Sequoia Capital India), and existing backers Galileo Ventures and Insight Partners.

Relevance AI previously raised $4 million in a Seed round two years ago.

The new funding will be used to scale its team globally, with plans to expand into San Francisco in 2024.

While the business was focused on helping developers utilise unstructured data and help data scientists experiment with vectors, it’s now focused on helping companies build custom AI agents – think the chatbot space – for repetitive reasoning tasks, from answering customer inquiries, managing outbound sales, or conducting market research, bringing the use of vectors in machine learning architectures, previously the domain of big tech, to everyone.

In the last three months, 6,000 companies have signed up, spanning tech, retail, property, and FMCG.

The bigger vision is to create AI agents with different specialities that work together to complete complex tasks.

For now, Relevance AI has two primary products. AI Tools lets users plug and play into existing workflows to automate repetitive tasks. The next step in the platform’s growth is developing the AI Agents, which can complete entire workflows in functions like marketing, sales and research. They’ve already developed 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.

Relevance AI cofounder Daniel Vassilev said they make it possible for AI agents to work autonomously and complete detailed workflows.

“Working hand-in-hand with human teams, AI agents can enable businesses to scale like never before,” he said.

“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.”

King River Capital cofounder Zeb Rice said called it a game changer for business, unlike any other generative AI startup.

“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,” he said.

“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.”