Relevance AI Raises $24M to Revolutionize AI Agent Development

The Expanding Role of AI Agents in the Workplace

As artificial intelligence becomes more integrated into professional environments, closer collaboration between humans and AI agents is anticipated. Projections from the Boston Consulting Group indicate a substantial market expansion, forecasting a 45% compound annual growth rate for AI agents over the coming five years.

Similar to the onboarding process for human personnel, AI agents will be equipped to learn specific roles, gain access to crucial company data and contextual business information, and seamlessly integrate into existing workflows.

Relevance AI Secures $24 Million in Series B Funding

Relevance AI, a startup headquartered in San Francisco and Sydney, is developing an “operating system” for AI agents. This system is designed to empower businesses to construct and manage teams of these intelligent agents. The company recently announced a successful $24 million Series B funding round, spearheaded by Bessemer Venture Partners.

Existing investors, including King River Capital, Insight Partners, and Peak XV, also contributed to this funding round, bringing the total capital raised by Relevance to $37 million. The company has not disclosed its current valuation.

This investment arrives approximately eighteen months after the closure of Relevance’s Series A funding. The company reports significant growth, with 40,000 AI agents registered on its platform as of January 2025.

Currently, Qualified, Activision, and Safety Culture are among Relevance AI’s customer base.

Competitive Landscape and Strategic Differentiation

Relevance AI operates within a competitive market alongside companies such as Retell, Qeen.ai, SmythOS, Gooey.AI, Cykel AI, and Microsoft. According to co-CEO and co-founder Daniel Vassilev, the company identifies agent builder platforms, specialized vertical agent software, and agent engineering frameworks as its primary competitive forces.

Vassilev noted that even established companies like Salesforce are recognizing the potential of AI agents. He emphasized that Relevance AI focuses on enabling specialized agent training tailored to the unique workflows of each organization.

Furthermore, Relevance AI distinguishes itself by being both tool- and model-agnostic, allowing customers to integrate their existing technology infrastructure across their entire business, rather than being confined to a single vendor’s ecosystem.

Future Plans and New Feature Releases

The newly acquired funding will be allocated towards enhancing the capabilities of Relevance AI’s agents and providing increased support to customers in its key markets: Australia and the United States. Daniel Vassilev has relocated to San Francisco to establish a new office and build out the company’s go-to-market team.

The company’s workforce has expanded considerably, growing from 19 employees in 2023 to 80 across its San Francisco and Sydney locations.

In conjunction with its Series B funding, Relevance AI is launching two new features on its platform.

• Workforce: A no-code multi-agent system designed to facilitate the creation of specialized agent teams by both technical and non-technical professionals. These teams will collaborate to complete complex processes.
• Invent: A tool that empowers users to design AI agents using simple text prompts.