AI Startup Raises $100M for Better Business Analytics

DevRev has raised $100 million in a series A funding round to expand its AI-powered business analytics platform.

Founded in 2020, the startup offers businesses a conversational AI platform that integrates a knowledge graph to deliver insights from diverse data sources such as customer service and product management.

The new funding adds to past investments from Khosla Ventures and Mayfield Fund..

Instead of larger venture rounds, the startup advocates for growing its investor base through a series of smaller, frequent raises.

DevRev also received investment from Param Hansa Values, the family office of its CEO, Dheeraj Pandey, who also co-founded cloud computing firm Nutanix and currently sits on the board of Adobe.

The startup plans to use the funds to increase its team size, with a focus on the next generation of talent as it wants to make AI “achievable and delightfully simple for the younger generation and equally for the pre-GPT workforce.”

“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 Pandey. “Trust is built by delivering fast, accurate and personalized AI solutions. In just under four years we’ve built an amazing multi-region platform to deliver enterprise-level security, combined with an experience that is intuitive to use.”

Related:AI for Customer Support Can Help Build Trust

DevRev is headquartered in Palo Alto, California, with offices in Bengaluru and Chennai in India, Ljubljana in Slovenia and Buenos Aires, Argentina.

The startup markets generative AI-powered analytics tools and apps that aim to allow businesses to obtain insights across their entire portfolios.

Its technologies can analyze structured and unstructured data like customer conversations, searches and session analytics to provide insights related to business operations.

DevRev’s technology can be intertwined with other products from vendors including Zendesk, Salesforce Service Cloud and Intercom.

The startup has more than 1,000 customers including chip designers Uniphore who are using it to track product and customer information, according to the company.

Another use is Velocity Global, which provides human resources software designed for globally distributed teams.

“By consolidating our operations into a single, comprehensive system, we've enhanced our ability to deliver quality customer experiences in today's complex business environment,” said Vishnu Ravikumar, Velocity Global vice president of strategy and planning. “The platform's integration of multiple functions is fostering better teamwork across departments and will improve our overall efficiency.”

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