DevRev raises over $100 mln in Series A, joins AI unicorn Club

Nutanix

09/08/2024 18:39

Aug 9 (Reuters) - Customer relationship software firm
DevRev has raised $100.8 million in series A funding round from
Khosla Ventures and others, as interest in firms utilizing
artificial intelligence continues to grow.
    The latest funding round has brought the Palo Alto-based
company's valuation to $1.15 billion, marking its entry into the
unicorn club.
        
  
    WHY IT MATTERS
    The AI boom has reinvigorated venture capital funding, with
investors making significant bets on AI startups in hopes of
substantial returns from widespread AI adoption.
        Investments in AI startups skyrocketed to $24 billion
from April to June, more than doubling the previous quarter's
figure, according to data from Crunchbase.
    As of 2024, 38 startups have a valuation of over $1 billion,
with the Elon Musk-led xAi leading the pack with a valuation of
$24 billion, according to Techcrunch. 
        
    CONTEXT
    DevRev which was founded in October 2020 by former Nutanix
chief executive officer Dheeraj Pandey, is an AI-driven Customer
relationship software provider which helps connect end users,
sellers, support, product people, and developers on a common
platform. 
    Khosla Ventures, which has been backing DevRev since 2021,
has also backed several high-profile names, such as Instacart,
DoorDash, and Stripe. 
        
  
    QUOTE
    "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. 

 (Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by
Tasim Zahid)
 ((JaiveerSingh.Shekhawat@thomsonreuters.com;))