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AI unlocks new markets
3x the size of cloud

Software spend historically represented a small fraction of enterprise budgets relative to payroll and services. As LLMs replace workflows previously done by people, the addressable market for AI expands significantly. If cloud software is a $600B market, AI unlocks an opportunity at least 3x larger.

From SaaS to Service‑as‑Software

AI will fundamentally change how we do work.

SaaS

Assist knowledge workers
Software only TAM
System of record
Charging for access
Gross margins above 90%
Hard to land, built in expand

Service-as-Software

Perform knowledge work
Software & services TAM
Copilots, agents, tech enabled services
Charging for usage and outcomes
Lower gross margins, larger opportunities
Easy to land, hard to expand

AI is advancing
faster than SaaS

AI companies are reaching $5M in annualized revenue 13 months earlier than the prior SaaS cohort. Due to the growth rates and potential opportunity, AI companies also raise at higher valuations, with a premium of anywhere from 24% to 40% between Seed and Series C.

Company
Stage
Location
Total Raised to Date
Subcategory
AaruAaru
Stage: Early
Location: San Francisco, CA
Total Raised to Date: N/A
Subcategory: Market Research
AnamAnam
Stage: Early
Location: London, England
Total Raised to Date: $11M
Subcategory: Video
*
AvocaAvoca
Stage: Early
Location: New York, NY
Total Raised to Date: $48M
Subcategory: Field Services
BasisBasis
Stage: Early
Location: New York, NY
Total Raised to Date: $38M
Subcategory: Financial Services
BobyardBobyard
Stage: Early
Location: Menlo Park, CA
Total Raised to Date: $4M
Subcategory: Field Services
BoonBoon
Stage: Early
Location: San Jose, CA
Total Raised to Date: $21M
Subcategory: Logistics
*
CollateCollate
Stage: Early
Location: New York, NY
Total Raised to Date: $30M
Subcategory: Healthcare
*
ConsoleConsole
Stage: Early
Location: San Francisco, CA
Total Raised to Date: $29M
Subcategory: IT
Counsel HealthCounsel Health
Stage: Early
Location: Menlo Park, CA
Total Raised to Date: $8M
Subcategory: Healthcare
Finch LegalFinch Legal
Stage: Early
Location: New York, NY
Total Raised to Date: $24M
Subcategory: Legal
*
Flora FaunaFlora Fauna
Stage: Early
Location: New York, NY
Total Raised to Date: $9M
Subcategory: Design
GammaGamma
Stage: Early
Location: San Francisco, CA
Total Raised to Date: $22M
Subcategory: Design
Giga MLGiga ML
Stage: Early
Location: San Francisco, CA
Total Raised to Date: $44M
Subcategory: Customer Support
Gradient LabsGradient Labs
Stage: Early
Location: London, England
Total Raised to Date: $17M
Subcategory: Customer Support
*
HappyrobotHappyrobot
Stage: Early
Location: San Francisco, CA
Total Raised to Date: $17M
Subcategory: Logistics
JuiceboxJuicebox
Stage: Early
Location: New York, NY
Total Raised to Date: $36M
Subcategory: Recruiting
Latent HealthLatent Health
Stage: Early
Location: San Francisco, CA
Total Raised to Date: $13M
Subcategory: Healthcare
Listen LabsListen Labs
Stage: Early
Location: San Francisco, CA
Total Raised to Date: $27M
Subcategory: Market Research
MaximaMaxima
Stage: Early
Location: San Mateo, CA
Total Raised to Date: $11M
Subcategory: Finance
ProbookProbook
Stage: Early
Location: New York, NY
Total Raised to Date: N/A
Subcategory: Field Services
RoxRox
Stage: Early
Location: San Francisco, CA
Total Raised to Date: $49M
Subcategory: Sales & Marketing
ServalServal
Stage: Early
Location: San Francisco, CA
Total Raised to Date: $52M
Subcategory: IT
*
TandemTandem
Stage: Early
Location: New York, NY
Total Raised to Date: N/A
Subcategory: Healthcare
TraversalTraversal
Stage: Early
Location: New York, NY
Total Raised to Date: $48M
Subcategory: IT
Valerie HealthValerie Health
Stage: Early
Location: Lafayette, CA
Total Raised to Date: $7M
Subcategory: Healthcare
ZedZed
Stage: Early
Location: Denver, CO
Total Raised to Date: $45M
Subcategory: Coding
*
Assort HealthAssort Health
Stage: Mid
Location: San Francisco, CA
Total Raised to Date: $102M
Subcategory: Healthcare
AttioAttio
Stage: Mid
Location: London, England
Total Raised to Date: $116M
Subcategory: Sales & Marketing
*
AugmentAugment
Stage: Mid
Location: San Francisco, CA
Total Raised to Date: $110M
Subcategory: Logistics
*
Bland AIBland AI
Stage: Mid
Location: San Francisco, CA
Total Raised to Date: $60M
Subcategory: Customer Support
ClayClay
Stage: Mid
Location: New York, NY
Total Raised to Date: $206M
Subcategory: Sales & Marketing
DecagonDecagon
Stage: Mid
Location: San Francisco, CA
Total Raised to Date: $231M
Subcategory: Customer Support
DistylDistyl
Stage: Mid
Location: San Francisco, CA
Total Raised to Date: $202M
Subcategory: Workflow Automation
EverestEverest
Stage: Mid
Location: Mountain View, CA
Total Raised to Date: $140M
Subcategory: Finance
*
HebbiaHebbia
Stage: Mid
Location: New York, NY
Total Raised to Date: $159M
Subcategory: Financial Services
HeygenHeygen
Stage: Mid
Location: Los Angeles, CA
Total Raised to Date: $66M
Subcategory: Video
LegoraLegora
Stage: Mid
Location: Stockholm, Sweden
Total Raised to Date: $116M
Subcategory: Legal
*
LiberateLiberate
Stage: Mid
Location: Palo Alto, CA
Total Raised to Date: $72M
Subcategory: Insurance
*
LovableLovable
Stage: Mid
Location: Stockholm, Sweden
Total Raised to Date: $223M
Subcategory: Coding
MercorMercor
Stage: Mid
Location: San Francisco, CA
Total Raised to Date: $135M
Subcategory: Recruiting
n8nn8n
Stage: Mid
Location: Berlin, Germany
Total Raised to Date: $73M
Subcategory: Workflow Automation
*
NooksNooks
Stage: Mid
Location: San Francisco, CA
Total Raised to Date: $70M
Subcategory: Sales & Marketing
Norm AINorm AI
Stage: Mid
Location: New York, NY
Total Raised to Date: $86M
Subcategory: Compliance
OwnerOwner
Stage: Mid
Location: Palo Alto, CA
Total Raised to Date: $188M
Subcategory: Sales & Marketing
*
ProfoundProfound
Stage: Mid
Location: New York, NY
Total Raised to Date: $59M
Subcategory: Sales & Marketing
QualifiedQualified
Stage: Mid
Location: San Francisco, CA
Total Raised to Date: $163M
Subcategory: Sales & Marketing
*
RilletRillet
Stage: Mid
Location: New York, NY
Total Raised to Date: $108M
Subcategory: Finance
RogoRogo
Stage: Mid
Location: New York, NY
Total Raised to Date: $79M
Subcategory: Financial Services
SalientSalient
Stage: Mid
Location: San Francisco, CA
Total Raised to Date: $61M
Subcategory: Financial Services
SierraSierra
Stage: Mid
Location: San Francisco, CA
Total Raised to Date: $285M
Subcategory: Customer Support
Trunk ToolsTrunk Tools
Stage: Mid
Location: New York, NY
Total Raised to Date: $70M
Subcategory: Construction
*
UnifyUnify
Stage: Mid
Location: San Francisco, CA
Total Raised to Date: $59M
Subcategory: Sales & Marketing
AbridgeAbridge
Stage: Late
Location: San Francisco, CA
Total Raised to Date: $780M
Subcategory: Healthcare
*
CognitionCognition
Stage: Late
Location: New York, NY
Total Raised to Date: $838M
Subcategory: Coding
Cursor (Anysphere)Cursor (Anysphere)
Stage: Late
Location: San Francisco, CA
Total Raised to Date: $1.1B
Subcategory: Coding
EvenUpEvenUp
Stage: Late
Location: San Francisco, CA
Total Raised to Date: $385M
Subcategory: Legal
GleanGlean
Stage: Late
Location: Palo Alto, CA
Total Raised to Date: $765M
Subcategory: Search
HarveyHarvey
Stage: Late
Location: San Francisco, CA
Total Raised to Date: $816M
Subcategory: Legal
OpenEvidenceOpenEvidence
Stage: Late
Location: Cambridge, MA
Total Raised to Date: $345M
Subcategory: Healthcare
Perplexity AIPerplexity AI
Stage: Late
Location: San Francisco, CA
Total Raised to Date: $1.5B
Subcategory: Search
ReplitReplit
Stage: Late
Location: Foster City, CA
Total Raised to Date: $478M
Subcategory: Coding
RunwayRunway
Stage: Late
Location: New York, NY
Total Raised to Date: $530M
Subcategory: Video
SynthesiaSynthesia
Stage: Late
Location: London, England
Total Raised to Date: $338M
Subcategory: Video
WriterWriter
Stage: Late
Location: San Francisco, CA
Total Raised to Date: $326M
Subcategory: Workflow Automation
Footnote: Early stage defined as companies that have raised <$50M, Mid stage defined as companies that have raised $50-300M and Late stage defined as companies that have raised >$300M. Total funding amounts from Pitchbook as of Sept 3rd, 2025 and may include equity, debt, secondary or other financing transactions. Redpoint selects the AI 64 based on market size, product approach, team and momentum. Certain companies selected (as indicated with an asterisk) are Redpoint portfolio companies.

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