Relevance AI: Enabling Every Team to Have Its Own AI Colleague
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Australian startup Relevance AI has launched a low-code platform designed to help businesses build custom AI teams to boost productivity. The platform has successfully raised $10 million in Series A funding, led by King River Capital, with participation from global investors including Peak XV, Galileo Venture, and Insight Partners.
Daniel Vassilev, co-founder of Relevance AI, stated that their goal is to enable teams of all sizes to freely build their own AI teams. The startup has already partnered with approximately 6,000 businesses, running over 250,000 tasks, including answering customer inquiries, sales management, and market research.
The company has introduced two products: AI tools and AI agents. These products can automate repetitive tasks and utilize AI agents throughout the workflow, covering everything from research to sales. The latest flagship product is the Business Development Representative (BDR) agent, designed to help sales teams focus more on phone sales.
Relevance AI plans to use the new funding to develop its low-code platform, enabling more companies to build and deploy custom AI agents. The company's total funding now stands at $13.2 million.
The company believes that by 2025, every team will employ at least one AI agent, and by 2030, they will have mature AI teams to support them. The target customers are companies and teams looking to collaborate with trustworthy AI colleagues to handle repetitive tasks.
It is understood that Relevance AI's low-code platform is not only suitable for text but is also exploring multimodal use cases involving images and audio. The company has already partnered with well-known brands in the technology, retail, and FMCG sectors.
The startup was co-founded by Jacky Koh and Daniel Palmer in 2020 and currently employs 19 people. Expansion plans include further growing the team by mid-2024 and establishing an office in San Francisco next year.