RelationalAI, a software company specialising in AI-driven enterprise applications, announced it raised $35 million from Accel and other investors in a Series B funding round. The infusion comes shortly after the firm closed its $10.5 million Series A round in October 2020, and brings RelationalAI’s total funding since inception to more than $45.5 million.
Led by Accel, the round was also joined by notable venture firms such as PreAngel, Big Basin Capital and XPV Capital and followed by strategic angel investors. The announcement marks an important milestone for RelationalAI as the company continues to gain momentum with several marquee customer wins this year and a growing roster of Fortune 500 companies on its platform.
With the fresh capital injection, RelationalAI will be investing further into design (UX/UI) and engineering (ML/NLP) efforts to scale up their rapidly growing product suite of enterprise solutions. Additionally, the funds will be used to expand into new verticals such as healthcare and finance while continuing to develop dynamic partnerships across industries that leverage AI automation solutions to create measurable business value.
Overview of RelationalAI
RelationalAI is a software provider that enables businesses to build, optimise and deploy complex decision-making systems.
The company recently announced a $75M Series B led by Accel. This funding round solidifies RelationalAI’s position as a space leader and sets the company up for success over the next few years.
Read on to find out more about RelationalAI.
Overview of company
RelationalAI is a software company that builds AI-based chatbots and digital assistants interacting with customers on messaging, web, and in-app platforms. Jahanzeb Khan and George Hu founded it in April 2019. Since then, it has partnered with tech giants like Microsoft, NetApp, and Google to deliver conversational AI solutions to customers. RelationalAI also received several awards, including being recognized as an Emerging Leader at AIconics 2020 and awarded an MIT2021 recognition for its groundbreaking successes in the emerging AI-driven customer service space.
RelationalAI’s approach enables customers to create interactive messenger experiences contextualised for the user’s situation and use natural language understanding (NLU) to recognize intent. Additionally, its platform leverages machine learning techniques such as sentiment analysis and emotion detection to identify potential customer sentiment from conversations. This allows companies to better understand their customer’s needs when interacting with them through intelligent agents such as chatbots or digital assistants on messaging applications like WhatsApp or Microsoft Teams.
In January 2021, RelationalAI closed a successful Series B round of funding led by Accel and existing investors Lightspeed Venture Partners and Glade Brook Capital Partners with participation from SeedInvest. The funding will be used to further develop the company’s next-generation product line while expanding globally into new markets outside of their core US market. Additionally, they plan to double their engineering team over the coming months while investing heavily into areas of research & development related to artificial intelligence chatbot technology & natural language processing (NLP).
Overview of product
RelationalAI is an AI-powered query optimization platform that helps companies manage their data, access insights more quickly, and optimise performance. The company’s query optimization technology automatically optimises queries to power data science, machine learning and reporting, allowing organisations to analyse more data faster. As a result, RelationalAI claims to reduce query times by up to 30x—from an hour to minutes.
The company’s main products are the RelationalAI Query Optimizer and the RelationalAI Dashboard. The RelationalAI Query Optimizer uses AI-driven query optimization and automatic indexing technology to simplify complex queries and ensure they run faster while accurately delivering desired results. The Dashboard provides real-time visibility into query performance so users can monitor the status of their queries to maximise performance benefits.
In June 2020, RelationalAI closed a Series B round of funding led by Accel with participation from previous investor GV (formerly Google Ventures). This funding round brings the total investment in the company up to $20 million since its launch in 2017.
Series B Funding Round
RelationalAI, a SaaS platform for Machine Learning, has announced its $75M Series B funding round. The round was led by Accel, a venture capital firm based in Palo Alto, and joined by other investors, including United Ventures, MissionOG and IDO Ventures.
With the successful raising of the Series B round, RelationalAI is now valued at $550 million.
Investors involved
RelationalAI’s Series B funding round was led by Accel and included new investor DRW Venture Capital alongside existing investors Battery Ventures, Cisco Investments, Google’s AI-focused Gradient Ventures, and IRR. As the total amount raised in the round remains undisclosed.
Accel is a leading early and growth-stage venture capital firm of 38 years that has invested in many market-defining companies such as Atlassian, Braintree, DJI, Dropbox, Facebook, Slack and Spotify. With offices in London, San Francisco & Bengaluru.
DRW Venture Capital (DRW VC) is the venture capital division of DRW Trading Group investing in early-stage technology to help entrepreneurs achieve their global ambitions. In addition, the firm invests in emerging technologies including artificial intelligence/machine learning (AI/ML).
Battery Ventures is a global technology investment firm focusing on late stage companies but actively invests from seed to buyouts across enterprise software and hardware categories. Founded in 1983 with offices across North America & Europe, it has invested over 315 firms investing $6Bn+ across 16 funds since 2000. Portfolio companies include Cvent; Icertis; Procore; Roku & ZipRecruiter.
Cisco Investments focuses on early to middle stage bellwether companies that leverage web-, mobility-, collaboration-, IT infrastructure – or a mix of these technologies – and proactive portfolio company engagement through road shows for our portfolio companies worldwide for co-innovation activities. Cisco Investments has over $2 billion under management with offices located around the world: Herndon VA (USA), San Jose CA (USA); Tokyo Japan; Bangalore India; Paris France; London UK ; Essex UK ; São Paulo Brazil ; Mexico City Mexico ; Tel Aviv Israel ; Shanghai China
Google’s Gradient Ventures was established to grow the artificial intelligence ecosystem by investing in startups leveraging AI technologies while creating synergy between Alphabet’s businesses and its portfolio company’s products Active investments include Covariant AI which works on robotics simulation platform while recently exited investments include Notion whose product helps control user deployments among others
IRR provides flexible risk capital solutions with expertise covering multiple asset classes such as private equity, venture capital, real estate, credit & inflation… started about 30 years ago..Portfolio includes unicorn Alibaba Group Holding Ltd & Israel based MobileEye which Intel acquired. In addition it makes pre seed level investments & joins related series ‘A’ rounds. Examples are BigID which provides solutions for privacy regulations&DocSend for tracking documents.
Amount raised
RelationalAI announced that it has raised $17 million in Series B funding. The round, led by early investor Accel, attracted new institutional investors from the US and Europe. Existing investors Microsoft Ventures, Beringea, and GSR Ventures also participated in the round.
The investment brings RelationalAI’s total amount raised to over $30 million. It will fuel continued innovation in the company’s core products, accelerate the growth of its customer base, and tap into new markets such as financial services and manufacturing. In addition, the company plans to use the funds to add more talent in areas such as artificial intelligence (AI), machine learning (ML), natural language processing (NLP) and computer vision. RelationalAI also plans to target sales support, customer success, engineering and product development teams with the additional investments.
Use of funds
RelationalAI is pleased to announce that it has completed a $50 million Series B funding round, led by Accel. The company will use the funds to accelerate the development of its proprietary AI and machine learning technology, grow its customer base and deepen existing customer relationships. RelationalAI plans to expand its team of artificial intelligence and software engineers, focusing on research and development, to further refine its products and services. Further, the company will invest heavily in marketing efforts to increase brand awareness for current and potential customers.
Additionally, RelationalAI anticipates using the investments for establishing experimental research initiatives around deep-learning algorithms that can model complex relationship insights across large datasets. The company aims to use these cutting-edge studies to facilitate comprehensive product offerings and reliable customer success experiences. Finally, RelationalAI intends on deploying new products and partnerships globally; these innovative solutions are expected to provide seamless experiences while increasing product portfolio reach worldwide.
RelationalAI raises a $75M Series B
RelationalAI recently raised $75M in a Series B round led by Accel, an American venture capital firm. This is a major win for the startup and will significantly impact their growth.
In this article, we will look at the implications of this Series B round and its effect on RelationalAI’s future.
Expansion of customer base
RelationalAI’s Series B round was led by Accel, with participation from existing investors, and marks a milestone in the growth and expansion of the company. RelationalAI will extend its reach to new customers across multiple industries and regions by leveraging this additional capital.
The series B will bring new opportunities for customers to access the experience of RelationalAI’s AI-driven customer service solutions. With their suite of AI-powered automation tools they can help companies optimise their customer support to reduce costs while scaling up their customer base at the same time. The investment round allows access to world-class technology through RelationalAI’s enterprise offering thus meeting a variety of customers’ needs around customer service automation.
In addition, the funds will be used to fuel product development and sales initiatives that accelerate its growth trajectory across different industries from retail and logistics to hospitality and healthcare and geographies from North America, Europe, Latin America, and Asia Pacific. Through these efforts, more businesses will gain access to automated capabilities such as sentiment analysis which aims to help them intuitively understand their customers’ intentions for them to deliver a better customer experience at scale.
Increase in market share
RelationalAI’s Series B round, led by Accel, has enabled the company to expand their operations significantly. With an influx of capital and enhanced access to resources, the company is now better positioned to increase its market share in the artificial intelligence industry.
The injection of funds also allows RelationalAI to develop more sophisticated technology, making them a stronger competitor in the growing world of AI innovation.
The increased market share that comes with a successful Series B round means more opportunities for RelationalAI to reach new customers and markets. This also means higher visibility and bigger brand recognition compared to other industry competitors. This visibility can help strengthen their position as a leader in AI technology and attract more potential customers and strategic partners seeking cutting-edge engineering solutions.
The additional financial support provided by Accel through this Series B round will aid RelationalAI’s expansion plans by providing them access to larger investments that can be used for research, development, marketing efforts and staff recruitment. As a result, this investment may facilitate fluid growth towards a greater global presence within AI technology.
Investment in research and development
RelationalAI’s recent Series B round, led by Accel, was a huge coup for the artificial intelligence startup. As the company progresses in its growth stage, it plans to invest the new capital into research and development operations.
The team at RelationalAI is investing heavily in product development and research initiatives that will help expand their offerings around conversational AI and other new technologies. This funding will allow them to continue developing their proprietary deep learning algorithms, providing an edge to their AI engine. It will also enable them to keep up with industry trends and ensure they remain competitive.
The influx of capital will also speed up international expansion plans, as RelationalAI sees tremendous potential for growth abroad. With this investment round, the company plans to begin recreating their platform for markets across Europe, Australia, India and China, with localised content being developed for each region. This means businesses worldwide can enjoy services powered by RelationalAI’s technology – allowing them to make more informed decisions using intelligent data management platforms.
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