DevRev, a customer relationship software firm, has successfully raised $100.8 million in a Series A funding round, with contributions from Khosla Ventures and other investors. This funding comes as the interest in companies leveraging artificial intelligence continues to rise.
The latest investment round has propelled the Palo Alto-based company’s valuation to $1.15 billion, officially making it a unicorn. The surge in AI interest has sparked a renewed wave of venture capital investments, as investors anticipate significant returns from the widespread adoption of AI technologies.
Founded in October 2020 by former Nutanix CEO Dheeraj Pandey, DevRev specializes in AI-driven customer relationship software that connects end users, sellers, support teams, product managers, and developers on a single platform. Khosla Ventures, which began backing DevRev in 2021, has also supported prominent companies like Instacart, DoorDash, and Stripe.
Dheeraj Pandey, CEO of DevRev, emphasized the importance of design in building trust with end users, especially in an environment where the AI hype cycle has led to the emergence of unreliable prototypes and custom GPT solutions that lack long-term viability and security.
