Generative AI tools are transforming workplaces, Australia-based startup Relevance AI has raised $10 million (AUD 15 million) in a Series A funding round led by King River Capital, with participation from global investors Peak XV’s Surge, Galileo Venture, and Insight Partners. The company, co-founded by Daniel Vassilev, Jacky Koh, and Daniel Palmer in 2020, aims to democratize the use of custom AI agents across businesses of all sizes through its SaaS-based low-code platform.

Relevance AI's mission is to liberate teams from size constraints and empower them to maximize productivity based on their ideas. The startup enables companies to build and deploy custom AI agents for diverse use cases, streamlining workflows and automating repetitive tasks. The recent funding brings Relevance AI's total capital to $13.2 million, supporting the expansion of its low-code platform.

Over the past three months, Relevance AI claims to have attracted approximately 6,000 companies, engaging in over 250,000 tasks. These tasks include customer inquiries, outbound sales management, and market research, with the company now collaborating with major names in the tech, retail, and fast-moving consumer goods sectors.

Relevance AI's product offerings include AI Tools and AI agents, which seamlessly integrate into existing workflows, automating tasks and completing end-to-end workflows. The company is initially focusing on two verticals – sales and support teams – due to their text-based nature and significant return on investment (ROI). Their latest flagship AI agent, the business development representative (BDR) agent, is designed to enhance sales team efficiency by reducing time spent on administrative tasks.

Looking ahead, Relevance AI envisions that by 2025, every team will have integrated at least one AI agent, with the goal of full-fledged AI teams supporting them by 2030. The company plans to continue scaling its team and expand its U.S. presence with an office in San Francisco in the coming year. With 19 staff members currently, Relevance AI aims to grow its team to around 30 by mid-2024 as it explores multi-modal use cases involving image and audio automation.