Relevance AI secures $24 million to empower businesses in creating AI agents

Individuals may soon find themselves working closely with AI agents as they become more prevalent in the workplace. A report by Boston Consulting Group predicts a 45% annual growth rate for the AI agent market over the next five years. Just like human employees, AI agents can be trained to fulfill various roles, access company information, and seamlessly integrate into workflows. Unlike traditional automation tools, AI agents have the ability to continuously adapt and enhance their operations.

Relevance AI, a startup with bases in San Francisco and Sydney, is at the forefront of developing an AI agent “operating system” that allows businesses to construct teams of AI agents. The company recently secured $24 million in Series B funding led by Bessemer Venture Partners, with additional investments from King River Capital, Insight Partners, and Peak XV, bringing Relevance’s total funding to $37 million. Notably, Relevance boasts 40,000 AI agents registered on its platform as of January 2025, with clients such as Qualified, Activision, and Safety Culture.

In a competitive landscape populated by companies like Retell, Qeen.ai, SmythOS, Gooey.AI, Cykel AI, and Microsoft, Relevance distinguishes itself by focusing on agent builder platforms, vertical agent software, and agent engineering frameworks. Co-CEO and co-founder Daniel Vassilev highlighted the importance of training agents to specialize in specific workflows tailored to each organization. Moreover, Relevance remains tool-agnostic, allowing customers to leverage their entire tech stack rather than being confined to a single vendor’s ecosystem.

Relevance plans to utilize its latest funding to enhance the capabilities of its AI agents, provide customer support in key markets like Australia and the U.S., and expand its team. The company has introduced two new features on its platform: “Workforce,” a no-code multi-agent system for non-technical professionals to build specialized agent teams, and “Invent,” a tool for creating AI agents through text prompts.