DevRev Raises $100 Mn In Series A Round, Enters AI Unicorn Club

According to Reuters, DevRev, an AI-driven customer relationship software firm, has raised USD 100.8 million in its Series A funding round, led by Khosla Ventures and other investors. This latest round has elevated the Palo Alto-based company's valuation to USD 1.15 billion, officially marking its entry into the AI unicorn club.

The surge in AI-related investments has revitalised venture capital funding, with significant bets being placed on startups harnessing artificial intelligence. Between April and June 2024, investments in AI startups reached $24 billion, more than doubling from the previous quarter, as reported by Crunchbase.

Founded in October 2020 by former Nutanix CEO Dheeraj Pandey, DevRev provides AI-driven customer relationship software that connects end users, sellers, support teams, product managers, and developers on a single platform. Khosla Ventures, which has backed DevRev since 2021, is known for its investments in prominent companies like Instacart, DoorDash, and Stripe.

Pandey highlighted the importance of design in building trust with end users, especially in an era where AI prototypes and GPT-based solutions often fail to deliver on their promises.