Artificial intelligence startup Relevance AI has raised $24 million in Series B funding to expand its platform designed to help businesses build and manage teams of AI agents. This funding round was led by Bessemer Venture Partners, with participation from returning investors King River Capital, Insight Partners, and Peak XV. With this latest investment, Relevance’s total funding now amounts to $37 million. The company did not disclose its valuation.
Founded five years ago and headquartered between San Francisco and Sydney, Relevance AI provides businesses with an “operating system” to effectively assemble and deploy AI agent teams. Unlike traditional automation tools, these agents are capable of continuously adapting and refining their workflows, accessing company information, understanding business contexts, and integrating seamlessly within team operations, similar to human employees.
Since its Series A financing 18 months prior, Relevance reports significant growth, with approximately 40,000 AI agents now active on its platform. Well-known enterprise customers include Qualified, Activision, and Safety Culture.
Relevance faces stiff competition in the burgeoning AI agent field, challenging companies like Retell, Qeen.ai, SmythOS, Gooey.AI, Cykel AI, and technology giants such as Microsoft and Salesforce. CEO and co-founder Daniel Vassilev highlighted Relevance’s unique market edge, stating that their platform remains tool- and model-agnostic, enabling users to leverage their complete technology infrastructure rather than being constrained by a single vendor ecosystem. Vassilev noted that this flexibility allows their AI solutions to specialize in specific workflows tailored to individual organizational needs.
The newly raised funds will be used primarily to enhance the company’s platform capabilities, ensure robust customer support, and ramp up market presence in key regions, especially in Australia and the United States. Recently, Vassilev relocated to San Francisco to establish a local office and strengthen Relevance’s position in the North American market. The company now employs approximately 80 people spread across its offices in Sydney and San Francisco, a significant increase from just 19 staff members in 2023.
Alongside its funding announcement, Relevance AI also introduced two new features to further empower its customers. The “Workforce” tool is a no-code multi-agent system enabling both engineers and business-focused users to easily assemble teams of specialized AI agents to collaboratively execute complex workflows from end-to-end. The second feature, named “Invent,” permits users to rapidly build new AI agents through simple text-based prompts.
These recent developments reflect growing market potential, reinforced by a recent Boston Consulting Group report projecting that the AI agent space is poised to expand about 45% annually over the next five years.
