DevRev Announces $100M Series A Valuing the Company at $1.1B

Business Wire 9-Aug-2024 12:00 PM

The new funding is catalyzed by multi-million dollar deployments, several customers in G500 and the SaaS unicorn club, and a stellar global team

The knowledge graph company, with its AgentOS platform, is rapidly operationalizing GenAI in the enterprise with 1-click data migration from legacy systems and lightweight AI agents

DevRev, an AI-native platform that unifies customer support and product development, today announced the completion of a $100.8M Series A funding round, bringing its valuation to $1.15 billion. This funding milestone includes investments accumulated over the past three years, culminating in this round. The company is backed by prominent investors such as Khosla Ventures, Mayfield Fund, and Dheeraj Pandey's family office, Param Hansa Values, in addition to several accelerators and family offices of tech CEOs and VCs. DevRev is committed to growing its investor base continuously via a novel approach of smaller yet frequent raises.

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Platform vs. Experiments

AI in the enterprise has seen good experimentation and novel prototypes in engineering labs around the world, thanks to the advent of large language models (LLMs) and conversational surfaces.

DevRev believes that operationalizing GenAI in companies will require a robust knowledge graph, one in which data from legacy systems is continuously being fed in real-time to an interlinked network of customer, product, employee, work, user, and session records that capture complex business relationships.

DevRev's knowledge graph is the data layer powering its AgentOS platform and apps. This creates three foundational layers: (a) airdropped data from legacy systems into a highly extensible customer and product graph, (b) which then powers search, analytics, and workflows, (c) on top of which rest the AI-native apps for customer service, product management, and software engineering.

"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. "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."

Customer Traction and Market Impact

DevRev's agents transform experiences for customer service staff, support engineers, product managers, and software developers by analyzing structured and unstructured data like customer conversations, searches, and session analytics. This happens via lightweight surfaces such as search bars on websites, with just 7 lines of code. DevRev's simplified stack can co-exist or replace solutions such as Zendesk, Salesforce Service Cloud, Intercom, and Atlassian Jira.

After little over a year in the market, the DevRev platform is already trusted by over a thousand customers, including SaaS unicorns such as Uniphore, the largest AI chip designers who are tracking product and customer information – which otherwise would not be traditionally captured in legacy sales or support CRMs – and one of the world's Top 5 consumer banks with a hundred million users who are expecting one-shot customer support experience. They all expect the new AI interface to be conversational, mobile-first, and lightning-fast to deploy and use.

"DevRev's AgentOS platform has significantly improved our approach to customer service and internal collaboration," said Vishnu Ravikumar, vice president of strategy and planning at Velocity Global, a SaaS HR platform 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. The platform's integration of multiple functions is fostering better teamwork across departments and will improve our overall efficiency. We're optimistic about how DevRev is positioning us to meet customer expectations more effectively."

AI and the Enterprise Knowledge Graph

In the past, customer bots were rule-based and fragile, customer support CRMs were ticket-centric (and not conversational), and product development software was code- and project-centric (and not customer and product). DevRev's model-based agents are powered by custom vector embeddings that cluster, classify, deflect, deduplicate, route, attribute and generate omnichannel conversations, tickets, incidents, issues, articles, recordings, code commits, release notes, and more. Without product and customer labeling, it is almost impossible to implement AI that is meaningful and reductive, hence the need for an enterprise knowledge graph.

"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."

"We take a people-first approach to investing and we're particularly proud to back DevRev because Dheeraj and Manoj understand that company building is a team sport. It's also a strong example of the cognition-as-a-service (CaaS) era of technology Mayfield is bullish on," said Navin Chaddha, managing partner at Mayfield Fund. "DevRev is creating a high-speed highway between the customer and the developer. The layering of an AI teammate experience is an exciting next step that will allow developers, product managers, and customer support engineers to collaborate in real-time with end users."

DevRev is proud of a global team that is diverse, from some of the world's best colleges in the US, India, Slovenia, and Argentina, design-centric leaders from world-class consumer companies such as Apple, AirBnb, Auth0, and Google, and reliability-centric leaders from enterprise-grade companies such as Nutanix, Salesforce, Responsys, Twilio, 3M, and the like. College hiring is paramount for DevRev, as the AgentOS marketplace has become a mecca for low-code snap-ins such as knowledge graph connectors, search crawlers, workflow nodes, and data visualization widgets that make AI achievable and delightfully simple for the younger generation and equally for the pre-GPT workforce.

More on DevRev here.

About DevRev:

DevRev's mission is to help build the earth's most customer-centric companies that are committed to essentialism: "less equals better." The knowledge graph company, obsessed with customer NPS, was founded in October 2020 and supported by prominent investors such as Khosla Ventures and Mayfield. It is led by its co-founder and CEO, Dheeraj Pandey, who was previously the co-founder and CEO of Nutanix (NASDAQ:NTNX), concurrently an Adobe (NASDAQ:ADBE) board member, and by Manoj Agarwal, DevRev's co-founder and former SVP of Engineering at Nutanix. DevRev is headquartered in Palo Alto, California, and has offices in seven global locations.

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