As AI agents become more common in the workplace, individuals may find themselves working closely with them. A Boston Consulting Group report projects a 45% compound annual growth rate for the AI agent market over the next five years. These AI agents, similar to human employees, can be onboarded to learn roles, access company information, and integrate into workflows. Unlike traditional automation tools, AI agents can adapt and improve their operations continuously.

Relevance AI, a startup based in San Francisco and Sydney, is developing an AI agent "operating system" that enables businesses to build teams of AI agents. The company recently raised $24 million in Series B funding led by Bessemer Venture Partners, with participation from returning investors King River Capital, Insight Partners, and Peak XV, bringing its total funding to $37 million. The company's valuation was not disclosed. This funding round follows approximately a year and a half after its Series A.

Relevance AI reports rapid growth, with 40,000 AI agents registered on its platform. Its customers include companies like Qualified, Activision, and Safety Culture. Relevance faces competition from other players in the AI agent space, such as Retell, Qeen.ai, SmythOS, Gooey.AI, Cykel AI, and Microsoft. According to co-CEO and co-founder Daniel Vassilev, the company considers agent builder platforms, vertical agent software, and agent engineering frameworks as its primary competition. Vassilev noted that even incumbents like Salesforce are making significant investments in AI agents.

Relevance emphasizes its ability to train agents to specialize in an organization's unique workflows. Its tool- and model-agnostic approach allows customers to leverage their entire tech stack across their business, rather than being limited to a single vendor's ecosystem.

Relevance plans to use the new funding to enhance the product capabilities of its AI agents and support customers in Australia and the U.S. Vassilev has moved to San Francisco to open Relevance’s office and expand its go-to-market team. The company currently has 80 employees across its San Francisco and Sydney offices, a significant increase from 19 employees in 2023.

In conjunction with the Series B funding, Relevance is launching two new platform features. "Workforce" is a no-code multi-agent system that allows non-technical professionals and engineers to build specialized teams of agents that can collaborate like human employees to complete complex processes. "Invent" is a tool that enables users to create AI agents using text prompts.