Relevance AI Announces their US$3m Follow-on Round Led by Insight Partners
Relevance AI enables teams to harness machine learning technology faster and easier with a powerful developer-first platform for vectors.
Congratulations to the Relevance AI team for raising their follow-on round led by one of the top VC firms globally, Insight Partners. Just months after joining and receiving investment from Galileo Ventures.
Relevance AI is helping bring AI vectors to the world. A powerful discovery and machine learning technique used by TikTok (#FYP), Google, Spotify and Amazon to show you relevant information at the right time.
Relevance AI is enabling teams to harness this technology faster and easier with a powerful developer-first platform for vectors. Even businesses without extensive data teams can harness these capabilities across their unstructured data to deliver functionality such as “off-the-shelf” Google-like search.
Relevance AI is a great example of the types of founders we love to back at Galileo. Entrepreneurial from a young age, extremely smart, globally ambitious and on the leading edge of a technology that will fundamentally change how we understand the data we use everyday.
Relevance AI is headquartered in Sydney now has a team of 18 but started off with just 4 when we invested a year ago. Relevance AI is already being used by millions of end users, with 100 million weekly API requests across all sectors including SaaS, e-commerce, education and gaming.
To celebrate the milestone for the team we thought we would ask them a few rapid-fire questions.
Why did you start Relevance AI?
“80% of data is qualitative, in the form of text, images, audio or video. Most businesses are only using a fraction of this data and if all businesses could fully utilise their qualitative data, it would radically increase productivity and change the way entire industries operate.
We’re thrilled to have secured this funding, as it enables us to grow our team to continue pushing the boundaries of what’s possible and building a highly reliable and valuable product for our customers.
Combine this with the backing and unique perspective of the team at Insight we expect to grow rapidly over the next year.”––Jacky Koh, Co-founder at Relevance AI
What is your vision for Relevance AI?
We believe Relevance AI will be synonymous with vectors. We are creating the most powerful and efficient developer tools that will empower any data scientist to deliver better results in shorter time frames. Our vision is for every data team to have Relevance AI as part of their workflow.
For the engineers reading this, how do vectors work and why are they so powerful?
We’ve got a whole blog post about this but one simple way of thinking about vectors is as a data format, in the same way JPEG is a data format for storing images and TXT is a data format for storing text. However, whereas PNG and TXT is stored for interpretation by humans - vectors are stored for interpretation by machines.
A vector aims to represent a piece of data as thousands of features. Each feature captures something about that data - for example, if we represent a human as a vector it may capture weight, height and age (side note: typically vectors are generated by deep learning models and so each feature is frequently some combination of many inputs and there are thousands of them but for the sake of simplicity we’ll assume it’s these 3).
Now that we can represent Jane and Chris as a vector, we can compare them to determine how similar they are - apples to apples. If they’ve got a similar weight, height and age we’d have a score close to 0 whereas if they have very different weight, height and age then they’d have a very high score. This gives the ability to now calculate similarity between two pieces of data.
Where we would usually need some complex technique to interpret how similar the sentences “I jump at night” and “in the evening, I hop” are, now we can do this with minimal effort.
Vectors are enabling use cases we could only dream of previously as developers. Check out some case studies on our blog about how major tech companies are using this technique to deliver ground-breaking features and results for their KPIs.
And finally, how has Galileo helped you on your journey?
Galileo were early believers in our vision and could recognise we had strong technical insight in a market that is in its infancy.
James and Hugh have been as active and involved as we’ve asked and have spared no time in helping us get the right resources we need. They’ve also always sought to represent the best interests of the company and its founders which for us is an absolutely crucial aspect to being a great active investor.
The Relevance AI team are embarking on leaps towards their mission, if you would like to be a part of their rocket ship growth, check out the new roles.
If you’re an emerging founder looking to raise the first round we want to hear from you! Apply today and we’ll aim to get back to you within 72 hours and with real feedback from a real human.