DevRev raises $100.8 million in Series A funding and becomes an AI unicorn at a $1.15 billion valuation

Palo Alto, CA — October 2024 — Following its successful Series A funding round in August 2024, where DevRev secured $100.8 million and reached a $1.15 billion valuation, the company continues to drive forward its mission to revolutionize customer support and product development. Led by Khosla Ventures with participation from Mayfield Fund, Param Hansa Values, U First Capital, and several accelerators, family offices, and angel investors, this investment highlights the growing potential of AI-native enterprise software.

Fueling this mission is DevRev’s AgentOS platform, which is rapidly advancing GenAI adoption in enterprises. By offering seamless 1-click data migration from legacy systems and deploying lightweight AI agents, DevRev is setting a new standard for how businesses integrate and benefit from AI. 

A visionary approach to developer-customer interaction

DevRev, founded in October 2020 by Dheeraj Pandey, former co-founder and CEO of Nutanix, and Manoj Agarwal, former SVP of Engineering at Nutanix, aims to remodel how businesses connect developers directly with customers and revenue. The company was born out of a simple yet powerful realization:

“Today, every company is a software company, yet we isolate developers from customers and revenue…Our mission is to break down these barriers and empower developers to create customer-conscious products and businesses.” — Dheeraj Pandey, CEO of DevRev

DevRev’s knowledge graph powers its AgentOS, delivering AI-native solutions that streamline customer service, product management, and software engineering. The platform is already trusted by customers across all major geographies, various industries, and numerous company sizes, including many of the global leading players across AI, SaaS, and financial services.

By analyzing structured and unstructured data — from customer conversations to session analytics – the platform’s unique approach allows developers to connect their code directly to production issues and customer interactions. From there, DevRev’s AI-driven agents are able to automate enterprise workflows to reduce manual effort, enhance operational efficiency, and accelerate response times.

“We have invested heavily in the generative AI sector. We’ve noticed that to fully harness the potential of AI, the underlying data and knowledge infrastructure must be reimagined and rebuilt. DevRev is at the forefront of enabling AI adoption in enterprises, thanks to its innovative product architecture. Furthermore, DevRev is pioneering a new vision for organizational structure by breaking down internal silos, fostering greater collaboration and efficiency across the company.” — Dr. Ekta Dang, CEO of U First Capital

AI agents on knowledge graphs

Organizations today suffer from technology complexity that siloes around departments and their respective apps, data, and workflows, which results in poor customer experiences, delays in product development, and often building the wrong software.

DevRev believes that this complexity can be meaningfully resolved by AI-on-Knowledge Graphs, which combines the emerging power of GenAI and an organization’s own systems mapped into Knowledge Graphs. While AI is proving to be powerful, organizations are realizing that without Knowledge Graphs, they either end up with AI copilots on single apps or AI copilots on vast data lakes with little-to-no context or definition.

The solution begins by creating an organization’s Knowledge Graph by ingesting data from 2-way real time integrations with an organization’s CRM, support, and engineering applications, along with the underlying code repositories. By doing so, the Knowledge Graph understands the product (software), the customers (users), the people (employees), and the workflows involved, along with unique elements to the organization, such as security and customizations. Once mapped, customers and employees can run queries through AI Agents to not only return more accurate search results, but also power systems of action quickly across the organization. This is the productivity promise GenAI holds, which is only enabled by the contextual mapping that Knowledge Graphs provides.

With DevRev’s Knowledge Graph platform and data from major system of record applications that are ingested real-time into DevRev, DevRev creates an interdependent network of customer, user, product, employee, work and usage records.

Put simply, DevRev comprises both the front-end applications and the back-end Knowledge Graphs to analyze, contextualize, and act on enterprise data, enabling organizations to:

• Gain Deep Organizational Insights: spot emerging trends and linkages across customers, products, and employees to better inform strategic planning
• Increase Focus: connect the dots between product / engineering roadmaps and customer impact to better prioritize and allocate resources
• Boost Operational Efficiency: streamline operations by identifying bottlenecks, eliminating redundancies, and automating workflows across the organization
• Enhance Customer Experience: gain a comprehensive understanding of customer interactions and feedback, leading to more personalized and effective service

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About DevRev

DevRev’s mission is to help build the world’s most customer-centric companies, embracing the principle that “less is better.” Founded in October 2020 by Dheeraj Pandey and Manoj Agarwal, DevRev is headquartered in Palo Alto, California, with offices in seven global locations. For more information, visit DevRev’s website.

About U First Capital

Led by two technical PhDs based in Silicon Valley for over two decades, U First Capital’s focus is to invest in stellar founders. The firm has invested in over twenty five category-leading companies like Anthropic, Cohere AI, Rubrik, Worldcoin, Pensando, Palantir, Uniphore, and Nile. For more information, visit U First Capital’s website.