11x.ai is reportedly approaching $10 million in annual recurring revenue and counts companies like Brex, DataStax, and Otter among its customers. Despite facing competition from established companies like UiPath, ServiceNow, and Salesforce, investors remain optimistic about 11x.ai's potential. The recent funding will be used to further product development and expand the team, which currently consists of 27 members. The company will maintain an office in London, but most key staff will be relocated to San Francisco.
Key takeaways:
- AI startup 11x.ai has raised $24 million in a Series A funding round led by Benchmark, following a $2 million seed round led by Project A Ventures.
- The company, which was founded in London in 2022, is relocating its headquarters to San Francisco and focuses on creating AI agents or 'automated digital workers' to handle repetitive tasks in areas such as sales, marketing, and revenue operations.
- 11x.ai's AI agents are trained in 25 languages and the company is planning to launch two additional digital workers in the coming months.
- Despite competition from established companies like UiPath, ServiceNow, and Salesforce, investors are bullish on 11x.ai, with the recent funding to be used for product development and team expansion.