Individuals may work closely with AI agents as they become increasingly prevalent in the workplace. According to a report by Boston Consulting Group, the market for AI agents is expected to grow at a 45% compound annual growth rate over the next five years.
Just like human employees, AI agents could be onboarded to learn various roles, access company information and business contexts, and integrate into workflows. In addition, unlike traditional automation tools, AI agents have the potential to constantly adapt and improve their operations.
Relevance AI, a San Francisco- and Sydney-based startup developing an AI agent “operating system” to enable businesses to build teams of AI agents, has raised $24 million in Series B funding led by Bessemer Venture Partners. Returning investors King River Capital, Insight Partners, and Peak XV also participated, bringing Relevance’s total raised to $37 million. The company did not provide its valuation.
The fundraising comes about a year and a half after the startup closed its Series A. Relevance says that it has experienced rapid growth, with 40,000 AI agents registered on its platform.
Customers include Qualified, Activision, and Safety Culture.
Relevance has to compete with players in the AI agent space like Retell, Qeen.ai, SmythOS, Gooey.AI, Cykel AI, and Microsoft. The five-year-old company sees agent builder platforms, vertical agent software, and agent engineering frameworks as its competition, according to co-CEO and co-founder Daniel Vassilev.
“[W]e’ve even seen incumbents like Salesforce make a big bet on the value of agents,” Vassilev told TechCrunch in an interview. “[Relevance] enable[s] training the agent to really specialize in the niche workflows of their organization. We’re also tool- and model-agnostic, allowing our customers to leverage their entire tech stack across their entire business rather than just a single vendor’s ecosystem.”
Techcrunch event
Exhibit at TechCrunch Sessions: AI
Secure your spot at TC Sessions: AI and show 1,200+ decision-makers what you’ve built — without the big spend. Available through May 9 or while tables last.
Exhibit at TechCrunch Sessions: AI
Secure your spot at TC Sessions: AI and show 1,200+ decision-makers what you’ve built — without the big spend. Available through May 9 or while tables last.
Berkeley, CA
|
June 5
BOOK NOW
Relevance says that it’ll use its new funding to further enhance the product capabilities of its AI agents and provide support to customers in its primary markets of Australia and the U.S. Vassilev has relocated to San Francisco to open Relevance’s office and build up its go-to-market team there. The company says it has 80 people across its San Francisco and Sydney offices today, up from 19 employees in 2023.
Coinciding with its Series B funding, Relevance is introducing two new features on its platform. “Workforce” is a no-code multi-agent system designed to help non-technical professionals and engineers build specialized teams of agents to collaborate like human employees, completing complex processes from start to finish. “Invent” is a tool that lets users create AI agents using text prompts.
Topics
AI, AI agents, Australia, Australia & Oceania, Relevance AI, startup, Startups, United States
Kate Park
Reporter, Asia
Kate Park is a reporter at TechCrunch, with a focus on technology, startups and venture capital in Asia. She previously was a financial journalist at Mergermarket covering M&A, private equity and venture capital.
View Bio
May 13, 2025
London, England
Get inside access to Europe’s top investment minds — with leaders from Monzo, Accel, Paladin Group, and more — plus top-tier networking at StrictlyVC London.
REGISTER NOW
Most Popular
Musk clashes with neighbors in exclusive Austin suburb
Connie Loizos
Is Duolingo the face of an AI jobs crisis?
Anthony Ha
Orb, a new app by Ookla’s ex-CEO, offers a broader picture of your internet connection
Ivan Mehta
Duolingo launches 148 courses created with AI after sharing plans to replace contractors with AI
Aisha Malik
Microsoft CEO says up to 30% of the company’s code was written by AI
Maxwell Zeff
Google launches AI tools for practicing languages through personalized lessons
Aisha Malik
Hugging Face releases a 3D-printed robotic arm starting at $100
Kyle Wiggers
Meet Posha, a countertop robot that cooks your meals for you do sex
Spotify now shows how many times people listened to podcast episodes do sex
Agree.com raises $7.2M to take on Docusign, Bill.com with AI do sex
Can the Celestiq EV make Cadillac great again? Don’t rule it out do sex
Uber Eats comes to Turkey via $700M Trendyol Go acquisition do sex