Numerous companies are harnessing the power of generative AI tools, such as OpenAI’s ChatGPT, which can boost employee productivity by as much as 40% compared to those who don’t utilize these resources. However, only businesses with substantial engineering teams can develop their own AI capabilities. To address this gap, Australian startup Relevance AI aims to empower organizations of all sizes to create customized AI agents for various applications and functions, enhancing productivity through its SaaS-based low-code platform.
“Our mission is to ensure that teams are only limited by their ideas, not their size—whether they are established industry leaders or ambitious newcomers,” said Daniel Vassilev, co-founder of Relevance AI. “We eliminate complexity, enabling AI agents to operate autonomously and execute intricate workflows or tackle complex tasks with the accuracy and reliability that businesses can trust.”
Recently, the startup secured $10 million (AUD 15 million) in a Series A funding round led by King River Capital, with participation from prominent global investors including Peak XV’s Surge, Galileo Ventures, and Insight Partners—its previous backer. This funding elevates Relevance AI’s total capital raised to $13.2 million, which will be allocated towards enhancing its low-code platform that allows companies to create and deploy customized AI agents to automate monotonous tasks.
Relevance AI reports that approximately 6,000 companies registered within the last three months, collectively executing over 250,000 tasks—ranging from customer service responses to outbound sales management and market research. The company is now collaborating with some well-known brands across technology, retail, and fast-moving consumer goods sectors.
“From a go-to-market perspective, we are initially targeting two key sectors: sales and support teams, as they are often text-centric and yield significant returns on investment (ROI),” Vassilev explained.
The company has introduced two products currently benefiting customers: AI Tools and AI Agents. Users can easily integrate these solutions into their existing workflows to automate repetitive tasks using AI Tools and complete thorough workflows—from research to marketing to sales—with the help of Relevance AI’s agents. The latest flagship offering, the business development representative (BDR) agent, enables sales teams to focus more on calling and closing deals rather than managing emails, follow-ups, and basic inquiries. Relevance AI is actively onboarding customers for this innovative solution.
Vassilev conveyed the company’s vision: “We believe every team will employ at least one AI agent by 2025 and will have fully integrated AI teams providing support by 2030.”
Relevance AI is designed for businesses and teams eager to automate repetitive tasks while maintaining a reliable AI partnership. “Unlike standard chat interfaces meant for conversing with assistants, Relevance AI prioritizes task-oriented outcomes, creating a seamless experience for delegating work rather than engaging in individual conversations,” Vassilev noted.
There are numerous opportunities for automating repetitive processes with Relevance's platform, according to Vassilev. For instance, product managers can leverage the agents for specification creation and research, while engineers can utilize them for code reviews. The startup is also exploring multi-modal applications that incorporate image and audio processing.
Founded in 2020 by Vassilev, Jacky Koh, and Daniel Palmer, Relevance AI currently employs 19 staff and aims to expand to around 30 employees by mid-2024. The company plans to grow its workforce and enhance its presence in the U.S. with a new office in San Francisco next year.
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