DevRev, a startup founded in 2020, has successfully raised $100 million in a Series A funding round aimed at expanding its AI-powered business analytics platform. The Palo Alto-based company offers businesses a conversational AI platform that integrates a knowledge graph to deliver actionable insights from diverse data sources, including customer service interactions and product management data.
The new funding adds to prior investments from notable firms like Khosla Ventures and Mayfield Fund. Instead of pursuing larger venture rounds, DevRev has opted for a strategy of growing its investor base through smaller, frequent raises. The latest investment round also includes contributions from Param Hansa Values, the family office of DevRev’s CEO, Dheeraj Pandey, who previously co-founded Nutanix and currently serves on Adobe’s board.
DevRev plans to use the newly acquired funds to expand its team, focusing on attracting the next generation of talent. The startup is committed to making AI both "achievable and delightfully simple" for younger users as well as for those less familiar with AI technology.
CEO Dheeraj Pandey emphasized the importance of design in building trust with end users, particularly in an era where AI hype often leads to disappointment with unmaintainable and insecure prototypes. "Trust is built by delivering fast, accurate, and personalized AI solutions," Pandey said. "In just under four years, we’ve built an amazing multi-region platform that combines enterprise-level security with an intuitive user experience."
DevRev, which also has offices in Bengaluru and Chennai in India, Ljubljana in Slovenia, and Buenos Aires in Argentina, markets generative AI-powered analytics tools designed to provide businesses with insights across their entire operations. Its technology can analyze both structured and unstructured data, including customer conversations and session analytics, offering businesses deeper insights into their operations.
The startup already boasts more than 1,000 customers, including chip designers like Uniphore, who utilize DevRev's platform to track product and customer information. Another client, Velocity Global, leverages the platform to consolidate operations, enhancing teamwork across departments and improving overall efficiency.
With this new funding, DevRev is well-positioned to continue its mission of making AI-driven business analytics accessible and impactful for companies around the world.
