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Startup Deep Dive : DevRev — the AI unicorn that renamed itself three times before it worked

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The Invincible India Startup Deep Dive featured graphic for DevRev.

In August 2024, a company that had never publicly disclosed a valuation suddenly had one: $1.15 billion (Bloomberg, VentureBeat, 9 August 2024). The strange part is what came before it — three years of near-total silence from a founder who had already taken one company public and could have raised almost anything he wanted on name alone.

That founder is Dheeraj Pandey, the co-founder and former CEO of Nutanix, and the company is DevRev — an AI-native platform that tries to fuse customer support, product management and software engineering into one system of record. It launched with one of the largest seed rounds Silicon Valley had ever seen, then took three years to say anything about revenue at all.

Quick facts

Company DevRev, Inc.
Founded October 2020 (publicly launched from stealth in July 2021)
Founder(s) Dheeraj Pandey (co-founder and former CEO, Nutanix) and Manoj Agarwal (former SVP of Engineering, Nutanix)
Businesses AgentOS — an AI-native platform unifying customer support, product management and engineering data, sold as Support and Build apps
Latest FY revenue Approximately $100 million in annual recurring revenue for calendar 2024 (as estimated by data tracker Latka; DevRev does not publish audited financials)
Latest FY profit/loss Not disclosed — DevRev is privately held and has not released audited profit or loss figures
Listed Private; no IPO filed as of September 2026
Market value / last valuation $1.15 billion, set in its Series A round of August 2024
Key shareholders / CEO Dheeraj Pandey (CEO); investors include Khosla Ventures, Mayfield Fund, Param Hansa Values and U First Capital

What they do

DevRev sells software to companies that build and support other software. Its pitch is that the tools a support agent uses to close a customer ticket, the tools a product manager uses to decide what to build next, and the tools an engineer uses to ship a fix are, in most companies, three disconnected systems — a helpdesk, a roadmap tool and an issue tracker — stitched together with exports and Slack messages. DevRev’s platform, now branded AgentOS, tries to put all of that data — tickets, conversations, product usage, code changes, customer records — into one shared layer, then lets AI agents read and act on it directly: closing routine tickets, drafting responses, routing bugs to the right engineer, and surfacing what customers are actually asking for. Its customers range from software-as-a-service companies to consumer banks and a semiconductor design firm, according to DevRev and outlets covering the company (Blocks and Files, August 2024).

The origin

The founding insight came from watching the same failure play out repeatedly inside Nutanix, the enterprise infrastructure company Dheeraj Pandey co-founded in 2009 with Ajeet Singh and Mohit Aron, and ran as CEO through its Nasdaq listing in September 2016 and until he stepped back from the role in 2020 (Wikipedia; company records). Pandey has said the idea for DevRev came from seeing how “fragmentation of enterprise software” separated the people who build a product from the people who hear directly from customers using it — support tickets in one tool, product roadmaps in another, and engineers rarely seeing either. He recruited Manoj Agarwal, who had run engineering at Nutanix as SVP, as his co-founder. Their shared thesis, in Pandey’s phrasing, was to connect “Dev” and “Rev” — the engineering organisation and the revenue-facing one — so that customer feedback could flow into product decisions without six tools and three handoffs in between (Unite.AI interview; DevRev company materials).

The struggle years

DevRev’s early years were not a story of a product finding instant traction — they were a story of a well-capitalised company taking a long time to work out what it was actually selling. It launched publicly on 14 July 2021 with $50 million in seed funding from Mayfield Fund and Khosla Ventures, an unusually large opening round for a company with no live product (TechCrunch, 14 July 2021; PR Newswire, July 2021). It then spent roughly 15 months in limited availability before the first commercial app built on its “DevCRM” platform — Product-Led Support — reached general availability in October 2022, later than the 2022 timeline the company had originally pointed to (PR Newswire, October 2022). During that same stretch, DevRev returned to investors for a further $20 million tokenised SAFE in October 2022, taking its early-stage capital past $85 million by some accounts before a formal Series A had even been priced (thebrandhopper.com, 2025) — a sign that the company needed more runway than its splashy seed round implied.

The product itself kept changing name and framing in this period too: what launched as a developer-centric CRM (“DevCRM”) was repositioned in 2022 around an AI platform called OneCRM, then reframed again as “Computer,” a conversational AI teammate, before being folded into the AgentOS branding introduced alongside the 2024 Series A (VentureBeat; Yahoo Finance; Technology Reseller). Three name changes in three years is not typically what a company does when its first pitch is landing cleanly with buyers.

The turning point

The moment DevRev’s bet started to look validated was its Series A, announced 9 August 2024: $100.8 million led by Khosla Ventures, with Mayfield Fund, Pandey’s own family office Param Hansa Values, and U First Capital participating, valuing the company at $1.15 billion (Bloomberg, 9 August 2024; VentureBeat, August 2024). The numbers either side of that event are the clearest evidence of a company crossing from experiment to real business: annual recurring revenue estimated at $69.9 million for 2023 rose to roughly $100 million by the end of 2024, a jump of about 43% year over year (Latka company data, 2024), while headcount grew from 338 employees in November 2023 to 554 by December 2024 (Latka). Before the round, DevRev was a company that had raised tens of millions on a thesis; after it, it had a priced, investor-set unicorn valuation and a revenue base that, while still small next to that valuation, was compounding fast enough for outside investors to underwrite it.

The money behind it

DevRev’s disclosed fundraising runs to at least $150.8 million across two priced rounds, per Crunchbase and Latka’s funding data: a $50 million seed in July 2021, and the $100.8 million Series A in August 2024 that pushed its valuation to $1.15 billion. Three backers stand out for what each brought. Khosla Ventures, which led the Series A, is a firm known for early, high-conviction bets on AI infrastructure companies, and its lead position signalled institutional confidence beyond Pandey’s personal network. Mayfield Fund backed DevRev from the seed stage through the Series A, giving it continuity as a long-term enterprise-software investor. And Param Hansa Values, Pandey’s own family office, has been a named participant in DevRev’s rounds — an arrangement common among repeat founders with liquidity from a prior exit, but one that means part of DevRev’s own capital base is the founder investing in himself. As of this research, in September 2026, no funding round beyond the August 2024 Series A had been publicly confirmed, meaning $1.15 billion remains DevRev’s latest disclosed valuation.

How it makes money

DevRev earns money the way most enterprise software companies do: subscriptions, sold per user per month, layered by product and tier. Its two core products — a Support app for customer service teams and a Build app for product and engineering teams — are each sold across starter, pro and enterprise tiers, with published starter pricing in the range of $10–20 per user per month and enterprise agreements negotiated individually, commonly running well into six figures annually for large deployments (third-party pricing trackers Vendr and SaaSworthy, 2025; DevRev case materials). On top of straightforward per-seat pricing, DevRev has layered consumption-style charges tied to its AI agents — the part of the model people most often misunderstand: buyers assume they are paying only for software seats, when in practice a meaningful share of the economics is tied to how much AI-driven ticket and workflow volume a customer runs through the platform, plus fees for higher-volume data migration and analytics features (SaaS pricing trackers, 2025). DevRev states that its AI agents can resolve up to 85% of support tickets automatically for customers who adopt them fully, cutting support costs by roughly half and reducing mean time to resolution by a factor of four — figures that are company-stated marketing claims rather than independently audited outcomes, and should be read as DevRev’s own case for its product rather than verified fact (DevRev support product page, 2025). Where the margin sits, in other words, is not just in software licensing but in how efficiently DevRev’s own AI models can substitute for the human labour its customers used to pay for.

The numbers

DevRev is privately held and does not publish audited financial statements, so the figures below are third-party trackers’ estimates of its recurring revenue, not filed accounts. No profit or loss figures have been disclosed publicly for any period.

Period Estimated annual recurring revenue ($ million) Profit / loss
2021 (public launch) Not disclosed; pre-revenue at launch Not disclosed
2023 (calendar year) ~$69.9 million Not disclosed
2024 (calendar year) ~$100 million Not disclosed
2025 (headcount trend only) Not disclosed; employee count rose to 782–809 by Q4 2025 Not disclosed

Source for revenue and headcount estimates: Latka company data (getlatka.com), which tracks private SaaS companies through public signals and self-reported data; DevRev has not confirmed these figures directly. The roughly 43% year-over-year revenue growth from 2023 to 2024 came alongside headcount growth of about 63% over the same period (338 to 554 employees), a ratio that suggests the company was still investing ahead of revenue rather than converting growth straight into leverage.

Where the money comes from

DevRev does not publish a geographic or segment revenue split, but the available evidence points to a business built on relatively few, large accounts rather than a long tail of small customers. Reporting from Blocks and Files (August 2024) describes DevRev’s roughly 1,000 customers as including “a SaaS unicorn,” “major AI chip designers” and a top-five consumer bank — the kind of logos that typically carry six- or seven-figure annual contracts rather than a self-serve $20-a-month subscription. Its published case study on Uniphore, an AI enterprise customer that had grown through nine acquisitions in four years, shows the pattern in detail: DevRev’s AirSync tool migrated 16,000 tickets, 72,000 comments and 17,000 attachments from Uniphore’s prior stack of Zendesk, ServiceNow, PagerDuty and Jira in six hours, and Uniphore now runs 24/7 support coverage across 46 organisational schedules and has triggered more than 10,000 AI-driven workflows on the platform (DevRev case study, “Uniphore builds a proactive support culture with DevRev”). The surprise, for a company founded by an Indian-American entrepreneur and long associated with Silicon Valley venture capital, is how central India has become operationally: DevRev has described India as one of its fastest-growing markets, expanding its Computer platform there in 2025 specifically to move enterprise AI adoption “from pilots to production” among financial services, technology and SaaS customers (AI Magazine; Yahoo Finance, September 2025). India functions less as a small satellite office and more as a genuine growth market for the company, not just an engineering base.

The risks

Three risks sit underneath DevRev’s growth story. First, competitive intensity: DevRev is trying to unseat or sit alongside category leaders with far larger installed bases and cash reserves — Zendesk, Salesforce Service Cloud, Freshworks and Intercom among them — all of which are now racing to bolt their own AI agents onto existing customer relationships DevRev would otherwise have to win from scratch. Second, disclosure risk: because DevRev is private, every revenue and growth figure in this piece, including the $69.9 million and $100 million ARR estimates, comes from third-party trackers rather than audited filings, which means outside observers — including potential later-stage investors — are relying on estimates DevRev itself has not confirmed line by line. Third, and specific to its product bet: DevRev’s core value proposition depends on enterprises trusting autonomous AI agents to read customer data and take action — closing tickets, triggering workflows, routing engineering work — without a human checking every step. That is a trust and accuracy dependency as much as a technology one: if AI agents mishandle sensitive customer data or a support interaction badly enough, the reputational cost falls on both DevRev and the customer that deployed it, at a moment when the whole industry is still calibrating how much autonomy to hand these systems.

The takeaway

The transferable lesson from DevRev is not “raise a huge seed round” — it is that capital can buy a company years of runway to find its category, but it cannot buy product-market fit. DevRev spent three years and more than $85 million in early-stage capital renaming and repositioning its product — DevCRM, then OneCRM, then Computer, then AgentOS — before its revenue and its investor-set valuation moved in the same direction at the same time. The willingness to keep changing the story, rather than defending the original one, is arguably what got it there.

Frequently asked questions

What does DevRev actually sell?

DevRev sells AgentOS, an AI-native platform that combines customer support, product management and engineering data into one system, sold mainly as separate Support and Build apps priced per user per month, with AI agents that can act on that shared data to resolve tickets and route work.

Who founded DevRev and when?

Dheeraj Pandey, the co-founder and former CEO of Nutanix, founded DevRev in October 2020 with Manoj Agarwal, who had been Nutanix’s SVP of Engineering. The company launched publicly from stealth in July 2021.

How much money has DevRev raised, and what is it worth?

DevRev has raised at least $150.8 million across two disclosed rounds: a $50 million seed in July 2021 and a $100.8 million Series A in August 2024. The Series A valued the company at $1.15 billion, according to Bloomberg and VentureBeat, both reporting in August 2024.

Is DevRev profitable?

DevRev has not disclosed profit or loss figures for any period. It is a private company and does not publish audited financial statements, so no independently verified profitability data exists as of September 2026.

Is DevRev planning to go public?

There is no public IPO filing or confirmed listing timeline for DevRev as of September 2026. It remains privately held, with its most recent disclosed valuation ($1.15 billion) set at its August 2024 Series A.

Sources

Figures are as of September 2026. All monetary figures in this article are reported in US dollars as disclosed by the original sources; no currency conversion was applied.

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