Australian start-up, Relevance AI, has successfully raised AU$15M in a funding round to assist businesses in constructing AI workforces to bolster productivity. The Series A funding was led by AI specialist venture capitalists, King River Capital, along with a cadre of global investors including Peak XVs Surge, Galileo Ventures and returning investor Insight Partners.
The goal of Relevance AI is to equip businesses of varied sizes to build their own AI workforces. This refers to teams comprised of AI agents that are programmed to autonomously handle repetitive tasks such as responding to customer inquiries, managing outbound sales or conducting market research. This service is not designated for just those businesses with large engineering teams but is positioned for broader accessibility.
The low-code platform provided by Relevance AI, which is currently utilised by several prominent names within the tech, retail, property and FMCG sectors, has enabled 6,000 companies within the last three months to sign up and run over 250,000 tasks.
The latest round of funding is scheduled to be used to scale Relevance AI's team worldwide, including a planned expansion into San Francisco in 2023. Relevance AI’s co-founder, Daniel Vassilev reaffirmed their vision stating, "Our mission is to enable teams to only be limited by their ideas, not their size...We take out the complexity and make it possible for AI agents to work autonomously and complete detailed workflows or accomplish complex tasks."
Vassilev outlines the firm's ambition for the democratization of AI strategies, allowing businesses to scale faster than before. Adding to his sentiment, fellow co-founder Jacky Koh said, "Over the last two years, we've seen the value grow even more with Generative AI. This is going to keep compounding to the point where we envisage that the AI workforce will be the driving factor of the next doubling of human prosperity."
This move by Relevance AI is bolstered by the prospective value Generative AI can add to the global economy, a reported four trillion dollars. The offer of Relevance AI to businesses thus extends beyond small task completion with low engineering skills. It caters to a wide range of businesses that can integrate generative AI agents to perform more complex and customised tasks, optimising time and reducing costs.
Relevance AI currently offers two key products to its customers. Firstly, AI Tools that can be easily integrated into existing workflows to automate repetitive tasks. Secondly, AI Agents which can provide comprehensive workflows in sales, marketing, and research sectors, among others. Evidently, with the backing of investors and an exciting roadmap ahead, Relevance AI is firmly on a mission to reshape how businesses around the globe harness AI.