DevRev Secures Over $100 Million in Series A Funding, Joining AI Unicorn Club

DevRev raises over $100 mln in Series A, joins AI unicorn Club

Aug 9 (Reuters) - Customer relationship software firm DevRev has raised $100.8 million in series A funding round from Khosla Ventures and others, as interest in firms utilizing artificial intelligence continues to grow. The latest funding round has brought the Palo Alto-based company's valuation to $1.15 billion, marking its entry into the unicorn club. The AI boom has reinvigorated venture capital funding, with investors making significant bets on AI startups in hopes of substantial returns from widespread AI adoption. Investments in AI startups skyrocketed to $24 billion from April to June, more than doubling the previous quarter's figure, according to data from Crunchbase. As of 2024, 38 startups have a valuation of over $1 billion, with the Elon Musk-led xAi leading the pack with a valuation of $24 billion, according to Techcrunch. DevRev which was founded in October 2020 by former Nutanix chief executive officer Dheeraj Pandey, is an AI-driven Customer relationship software provider which helps connect end users, sellers, support, product people, and developers on a common platform. Khosla Ventures, which has been backing DevRev since 2021, has also backed several high-profile names, such as Instacart, DoorDash, and Stripe. "Design will play a key role in building trust with end users, who have inevitably begun to witness the AI hype cycle of broken prototypes and bespoke one-off GPT wrappers that are inherently unmaintainable and not secure," said Dheeraj Pandey, CEO of DevRev. (Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Tasim Zahid)

DevRev Raises Over $100 Million in Series A, Joins AI Unicorn Club

(Reuters) - Customer relationship software firm DevRev has raised $100.8 million in series A funding round from Khosla Ventures and others, as interest in firms utilizing artificial intelligence continues to grow. The latest funding round has brought the Palo Alto-based company's valuation to $1.15 billion, marking its entry into the unicorn club. WHY IT MATTERS The AI boom has reinvigorated venture capital funding, with investors making significant bets on AI startups in hopes of substantial returns from widespread AI adoption. Investments in AI startups skyrocketed to $24 billion from April to June, more than doubling the previous quarter's figure, according to data from Crunchbase. As of 2024, 38 startups have a valuation of over $1 billion, with the Elon Musk-led xAi leading the pack with a valuation of $24 billion, according to Techcrunch. CONTEXT DevRev which was founded in October 2020 by former Nutanix chief executive officer Dheeraj Pandey, is an AI-driven Customer relationship software provider which helps connect end users, sellers, support, product people, and developers on a common platform. Khosla Ventures, which has been backing DevRev since 2021, has also backed several high-profile names, such as Instacart, DoorDash, and Stripe. QUOTE "Design will play a key role in building trust with end users, who have inevitably begun to witness the AI hype cycle of broken prototypes and bespoke one-off GPT wrappers that are inherently unmaintainable and not secure," said Dheeraj Pandey, CEO of DevRev. (Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Tasim Zahid)

DevRev raises over $100 million in Series A, joins AI unicorn Club

The latest funding round has brought the Palo Alto-based company's valuation to $1.15 billion, marking its entry into the unicorn club. The AI boom has reinvigorated venture capital funding, with investors making significant bets on AI startups in hopes of substantial returns from widespread AI adoption. Investments in AI startups skyrocketed to $24 billion from April to June, more than doubling the previous quarter's figure, according to data from Crunchbase. As of 2024, 38 startups have a valuation of over $1 billion, with the Elon Musk-led xAi leading the pack with a valuation of $24 billion, according to Techcrunch. DevRev which was founded in October 2020 by former Nutanix chief executive officer Dheeraj Pandey, is an AI-driven Customer relationship software provider which helps connect end users, sellers, support, product people, and developers on a common platform. Khosla Ventures, which has been backing DevRev since 2021, has also backed several high-profile names, such as Instacart, DoorDash, and Stripe. "Design will play a key role in building trust with end users, who have inevitably begun to witness the AI hype cycle of broken prototypes and bespoke one-off GPT wrappers that are inherently unmaintainable and not secure," said Dheeraj Pandey, CEO of DevRev. (Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Tasim Zahid)

AI platform startup DevRev raises $100M at $1.15B valuation - SiliconANGLE

DevRev Inc., an artificial intelligence platform that helps bridge the gap between developers and customers, today announced it raised $100.8 million in a Series A funding round, bringing its valuation to $1.15 billion. Khosla Ventures and Mayfield Fund participated in the round alongside other investors. This funding round brings the total raised by the company to over $150 million, including a $50 million round in 2021. Founded in October 2020 by former Nutanix Chief Executive Officer Dheeraj Pandey (pictured), DevRev specializes in AI-driven customer relationship software that combines information from customer, product, employee, work and user session records to capture complex business relationships into a knowledge graph. This powers a data layer for the company's AgentOS platform and apps. Using all of this highly interrelated information, DevRev's AI agents assist with the everyday work of customer service staff, support engineers, product managers and software developers by analyzing structured and unstructured data. The company's platform can also automate routine tasks such as assigning tickets and categorizing issues. It can also assist support engineers by predicting customer behavior, identifying problems and suggesting proactive solutions. "Design will play a key role in building trust with end users, who have inevitably begun to witness the AI hype cycle of broken prototypes and bespoke one-off GPT wrappers that are inherently unmaintainable and not secure," said Dheeraj Pandey, CEO of DevRev. DevRev's value proposition is that customer bots have long been rules-based, and customer support and relationship management are ticket-based making the systems fragile and not conversational. Likewise, software development is too often code- and project-centric and not focused on the customer or the product. Through context-aware model-based agents, support and developers get a more holistic, contextual view of customer needs. "AI will transform enterprise customer support and product teams, changing the way companies do business globally," said Vinod Khosla, founder of Khosla Ventures. "Having backed Dheeraj at Nutanix, and now at DevRev, he is one of the few people in the industry who can leverage foundation models and weave them together with enterprise architectures, customer collaboration and monetization."