Relevance AI and Stack AI Secure Millions in Funding to Revolutionize Workforce with AI Agents

Relevance AI raises $24M to help businesses build AI agents | TechCrunch

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 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." 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.

RelevanceAI and Stack AI get millions in funding to bring AI agents into the workforce - SiliconANGLE

RelevanceAI and Stack AI get millions in funding to bring AI agents into the workforce Agentic artificial intelligence is still in vogue for Silicon Valley's venture capitalists, with Relevance AI and Stack AI being the latest hot startups to attract millions of dollars in funding. The two companies are among a host of startups looking to help enterprises harness the power of advanced AI models, without being held back by traditional barriers to adoption, such as the need for complex coding and expert data scientists. Australia-based RelevanceAI is perhaps the more mature of the two companies at present, having just closed on its second major funding round - a $24 million Series B raise backed by prestigious VCs including Bessemer Venture Partners, which led the round, and earlier investors Insight Partners, King River Capital and Peak XV. The startup has created a low-code platform that enables companies of all sizes to create AI agent workforces. Its AI agents are all focused on a specific task, and it provides tools for customers to customize them to their needs. It says it's targeting companies and teams that want to automate repetitive work, freeing their employees to focus on more creative tasks. It offers a number of prebuilt AI agents that can work autonomously, after receiving some initial prodding. For instance, it recently debuted a social posting agent that's able to repurpose blogs and social media posts for different platforms while ensuring the brand's voice remains consistent. For each blog post someone creates, it will create a customized version for platforms such as LinkedIn and X, tailoring it to the unique engagement patterns of those services. It also offers an automated meeting notetaker agent that's able to capture and transcribe everything said during a meeting, and transform those conversations into actionable items once the meeting has concluded. RelevanceAI co-founder and Chief Executive Daniel Vassilev said customers used its no-code platform to create more than 40,000 agents in January alone. Its clients range from major Fortune 500 enterprises such as Activision Publishing Inc., to startups such as Qualified.com Inc. and SafetyCulture PTY Ltd. Vassilev said the new funding will help to accelerate the development of two key features in his company's platform, including its visual multi-agent system builder, a tool for building sophisticated AI agent teams on a no-code canvas. "Think of your marketing specialist or sales leader designing workflows where specialized AI agents collaborate with each other and with human teammates -- no engineering resources required," he said. The company is also planning to launch the world's first "text-to-agent" generator, where companies will be able to describe what they need from an AI agent in natural language and sit back and watch as the platform builds it. "It's a game-changer for organizations looking to rapidly deploy AI capabilities across various functions," Vassilev said. As promising as RelevanceAI's platform sounds, it's going to face a lot of competition from rival AI startups, and Stack AI could well be among them. The company has just raised $16 million in a Series A round that saw participation from new investors Lobby VC and LifeX Ventures, plus Guillermo Rauch, the CEO of Vercel AI, and Bob van Luijt, the CEO of Weviate Inc., who participated as angel investors. Existing backers Gradient, Y Combinator and Epakon Capital also contributed to the round. Stack AI has built a platform that allows enterprises to connect various data sources with a variety of large language models, including OpenAI's GPT models, and create customized AI agents that can perform some very specific work-related tasks. If it sounds a lot like RelevanceAI, that's probably because it is very similar. At its core, Stack AI is all about work automation, with a low-code, drag-and-drop user interface for constructing AI-powered assistants, chatbots and content creation systems. Stack AI says its AI agents can address many kinds of "operational challenges". For instance, they can automate supply chain tasks such as generating and responding to proposals. They can also perform data analytics tasks, translating natural language commands into Structured Query Language queries to enable anyone to dig up useful insights. Other tasks include assisting doctors by retrieving patient histories, treatment plans and other information from electronic health records; customer assistants for call centers; and financial AI agents that can automate financial reporting and monitor transactions for fraud. "We've developed a platform that enables enterprises to create custom AI agents... that can interact with various data sources and systems and be deployed for diverse tasks," said Stack AI co-founder Bernard Aceituno. "Our mission is clear - an AI agent for every job."