King River Capital has led a $15 million Series A funding round for Sydney-based artificial intelligence (AI) software company Relevance AI.
Relevance AI offers a simple to use ‘no-code’ platform that makes it practical for smaller businesses that do not employ IT professionals, to streamline business procedures with the use of AI.
Offered through a software-as-a-service (SaaS) business model, Relevance AI’s technology has been taken up by retail, property and fast-moving consumer goods businesses as well as tech companies. According to Relevance AI, the technology enables businesses to set up AI workforces to autonomously carry out repetitive tasks.
The company claims to have signed up 6,000 customers to date with the technology being applied to processes such as customer enquiries, managing sales and carrying out market research.
Sydney and San Francisco venture capital firm King River seeks to invest in technology companies which have global potential at the scale-up stage.
Other investors in the round include Galileo Ventures, Peak XV Partners (formerly Sequoia Capital India and South-East Asia) − which has included Relevance AI in its Surge technology company acceleration program − and Insight Partners which led Relevance AI’s prior $4.5 million funding round in 2021.
Relevance AI was set up in 2020 by app developers Daniel Vassiliev and Jacky Koh who had known each other since their high school days. Early in the development of the business they were joined by a third partner Daniel Palmer.
The team plan to use the new funding to boost international expansion starting in San Francisco where Vassiliev has already relocated.
Vassiliev said: “We take out the complexity and make it possible for AI agents to work autonomously and complete detailed workflows or accomplish complex tasks with accuracy and predictability that companies can trust.
“Working hand-in-hand with human teams, AI agents can enable businesses to scale like never before.”
The adoption of Generative AI is expected to accelerate productivity across the global economy. According to Relevance AI, many businesses already use AI in some form, but it is ‘typically confined to supporting individuals with small parts of a single task using the search box type of interface that has defined human-computer interaction since the 1990s’.
Co-founder of King River Capital Zebidiah Rice said: “Relevance is the first company in the world to truly move beyond the classic search box or co-pilot interface that has predominated with generative AI so far.
“Instead, Relevance AI unlocks this new technology's true potential through the use of pre-built components and visual interfaces that help anyone create and manage AI teams from scratch, supercharging employee productivity. It’s a game changer.”
Insight Partners managing director George Matthew added: “The scale of human productivity unleashed by generative AI is likely to be unprecedented.
“Relevance AI enables businesses to automate repetitive, costly and time-consuming tasks and to increase productivity, and we’re looking forward to expanding our partnership with the company.”
Image: Relevance AI partners, Daniel Vassiliev, Daniel Palmer and Jacky Koh.