DevRev, an AI-based platform that integrates customer support and product development, announced the completion of a $100.8 million Series A funding round, bringing its valuation to $1.15 billion. And DevRev is backed by prominent investors such as Khosla Ventures, Mayfield Fund, and Dheeraj Pandey’s family office, Param Hansa Values, and several accelerators and family offices of tech CEOs and VCs.
This funding milestone includes investments accumulated over the past three years, leading to this valuation.
The company believes that operationalizing GenAI in companies will require a sophisticated knowledge graph, one where data from legacy systems is continuously fed in real-time to an interlinked network of customer, product, employee, work, user, and session records that capture complex business relationships.
DevRev’s agents are transforming 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. And this happens as lightweight surfaces like search bars on websites, with just 7 lines of code. And DevRev’s simplified stack can co-exist or replace solutions such as Zendesk, Salesforce Service Cloud, Intercom, and Atlassian Jira.
In under two years, DevRev’s platform is already being used by over a thousand customers, including SaaS unicorns like Uniphore, the largest AI chip designers who are tracking product and customer information – which otherwise not be traditionally captured in legacy sales or support CRMs – and one of the world’s top five 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.
In the past, customer bots have been rule-based and fragile, customer support CRMs were ticket-centric instead of conversational, and product development software was code- and project-centric rather than being customer and product focused. DevRev’s model-based agents are powered with custom vector embeddings that cluster, classify, deflect, deduplicate, route, attribute and generate omnichannel conversations, tickets, incidents, issues, articles, recordings, code commits, release notes, etc.
KEY QUOTES:
“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. Trust is built by delivering fast, accurate, and personalized AI solutions. In under four years we’ve built an amazing multi-region platform to deliver enterprise-level security, combined with an experience that is consumer-grade.”
- Dheeraj Pandey, CEO of DevRev
“DevRev’s AgentOS platform has significantly improved our approach to customer service and internal collaboration. 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.”
- Vishnu Ravikumar, vice president of strategy and planning at Velocity Global, a SaaS HR platform for globally distributed teams
“AI will transform enterprise customer support and product teams, changing the way companies do business globally. 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.”
- Vinod Khosla, founder of Khosla Ventures
“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. 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.”
- Navin Chaddha, managing partner at Mayfield Fund
