Relevance AI secures $24M Series B to expand its AI agent development platform

Relevance AI, a startup based in San Francisco and Sydney, has raised $24 million in a Series B funding round led by Bessemer Venture Partners. Returning investors include King River Capital, Insight Partners, and Peak XV, bringing the company’s total funding to $37 million. The company, which develops an AI agent ‘operating system’ to help businesses deploy teams of AI agents, is experiencing significant growth, with over 40,000 agents registered on its platform. Its client list includes companies like Qualified, Activision, and Safety Culture.

The funds will be used to enhance the product’s capabilities and provide more support to customers in Australia and the U.S. The startup has also expanded its workforce to 80 employees and opened a new office in San Francisco. Relevance is introducing two new features: ‘Workforce,’ a no-code multi-agent builder for complex workflows, and ‘Invent,’ a tool allowing users to generate AI agents through text prompts.

CEO Daniel Vassilev emphasized that the platform is tool- and model-agnostic, allowing businesses to use their existing tech stack without being locked into one vendor. The company positions itself against competitors like Microsoft, Retell, and SmythOS, among others, in a fast-growing AI agent market projected to expand at a 45% CAGR over five years.