Artificial intelligence startup Rox has raised $100 million in a Series B funding round at a $1.3 billion valuation, as investors continue to bet on AI agents capable of automating business operations and challenging established enterprise software companies.
The funding round was co-led by venture capital firms General Catalyst and March Capital. Existing investors Sequoia Capital and Factory also participated, alongside new investors including Databricks Ventures and Prosperity7 Ventures. The company said it would use the capital to advance its AI research, develop customized models and expand its presence among large corporate customers.
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Rox was founded in 2024 by Ishan Mukherjee, who serves as CEO, along with co-founders Avanika Narayan, former Google engineer Diogo Ribeiro, Shriram Sridharan, a founding member of AWS’s Aurora database team, and Christopher Ré, a professor at Stanford’s AI Lab.
Mukherjee previously co-founded Pixie Labs, a software monitoring startup acquired by New Relic in 2020 for approximately $150 million. He later served as New Relic’s chief growth officer.
Rox develops specialized AI agents designed to automate sales operations, including identifying potential customers, generating leads, arranging meetings, managing deals and identifying opportunities to expand existing customer accounts.
Unlike traditional customer relationship management (CRM) software, which primarily stores customer information and tracks interactions, Rox aims to make these systems more proactive. Its AI agents can research accounts, identify promising prospects and prepare customer outreach. The startup is positioning its platform as an alternative to established CRM providers such as Salesforce.
Rox’s platform operates within companies’ existing systems, allowing its agents to use customer data to identify sales opportunities and support revenue-generating activities. Its customers include Puma, Groq, New Relic, America’s Auto Auction and Ramp.
“There are going to be autonomous agents that do customer-facing commercial work across large parts of the economy, not just tech companies,” Mukherjee told Fortune.
The challenge for Rox will be convincing large businesses to move away from established software platforms and adopt newer AI-powered alternatives.
With the fresh capital, the company plans to strengthen its AI research, develop customized models for customers and expand its enterprise customer base across healthcare, industrial manufacturing, financial services, energy and technology.
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Rox said its annual recurring revenue grew more than tenfold during its first year in the market. It also reported strong customer retention, with enterprise customers generating net revenue retention of more than 700%.
The latest fundraising follows the company’s announcement of $50 million in seed and Series A funding in November 2024, backed by Sequoia Capital, General Catalyst and GV.