Many companies are already utilizing generative AI tools like OpenAI’s ChatGPT to potentially enhance employee performance by up to 40% compared to those who do not. However, only businesses with substantial engineering teams can develop their own artificial laborers. Relevance AI, an Australian firm, aims to support businesses of all sizes in creating customized AI agents for various tasks or functions to boost productivity through its SaaS-based low-code platform.
From established industry players to ambitious newcomers, the goal is to empower teams to be limited only by their ideas, not their scale, as stated by Relevance AI’s co-founder, Daniel Vassilev. “We simplify the process, enabling AI agents to operate autonomously, complete complex procedures, or tackle challenging tasks with the precision and reliability that businesses need.”
In a Series A funding round led by King River Capital, the startup announced a successful raise of \(10 million (AUD 15 million), with contributions from global investors such as Peak XV’s Surge, Galileo Venture, and existing investor Insight Partners. This new capital injection, totaling \)132 million in funds raised for Relevance AI, will further develop its low-code platform, allowing businesses to create and deploy personalized AI agents for automating repetitive tasks.
In the last three months alone, Relevance AI reports that approximately 6,000 businesses have joined its platform, handling 250,000 tasks including outbound sales management, customer inquiries, and market research. The company highlights collaborations with prominent firms in the technology, finance, and consumer goods sectors. Initially focusing on sales and support teams, which typically involve text-based interactions and offer significant ROI, Vassilev shared with TechCrunch that Relevance AI is concentrating on these two categories.
Relevance AI offers two primary products: AI Tools and AI Agents. Through AI Tools, users can streamline their existing processes, automating repetitive tasks and completing end-to-end procedures—from research to marketing to sales—using Relevance’s AI agents. Their latest flagship AI agent, the Business Development Consultant (BDR), enables sales teams to concentrate more on sales calls and less on administrative tasks, follow-ups, and basic inquiries. Impact AI is currently onboarding customers to this new agent.
The company envisions that by 2025, every team will have at least one AI advisor on board, and by 2030, they will be supported by a comprehensive AI team.
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Relevance targets businesses and organizations seeking to automate repetitive tasks with a reliable AI collaborator, focusing on task-oriented outcomes rather than personal interactions. Vassilev emphasized that Relevance AI’s system is designed for task delegation, contrasting it with conventional chat software used for communicating with colleagues. Various professionals such as product managers, researchers, and engineers can leverage the AI agents to streamline tasks like developing specifications and aiding in code reviews. The company is also exploring applications in sound and image multi-modal scenarios.
Founded in 2020 by Vassilev, Jacky Koh, and Daniel Palmer, Relevance AI currently employs 19 individuals with plans to expand to 30 employees by mid-2024. The company intends to bolster its team next month and establish a presence in the United States by launching an office in San Francisco.
