Reworkd AI secures $1.65M in funding in a very Vancouver story

Reworkd AI, an AI agent platform, has revealed a three-pronged announcement: the public release of its AgentGPT 1.0, the beta release of its Reworkd for Business product, and a CAD $1.65 million pre-seed financing round. The funding was led by Canadian VC firm Panache Ventures, with participation from Y Combinator.

AgentGPT is the company’s flagship product. It allows users to give the AI a goal — write some code to make a platformer game, say, or create a comprehensive report about Nike — and it will not only come up with an action plan for the prompt, but begin to execute it.

The platform has gained a large amount of traction in a short period of time. Within three months of its beta release, AgentGPT achieved more than 400,000 users and over 25,000 stars on GitHub.

“Reworkd is at the forefront of the emerging AI agent market,” said Panache Ventures general partner Chris Neumann. “Not only did they experience astounding growth with the initial release of AgentGPT, but they’ve been able to cultivate that into both a passionate developer community and an highly-engaged customer base. We’re thrilled to partner with them as they build the future of AI business agents.”

Reworkd for Business, meanwhile, expands on the capabilities of the AgentGPT platform to target companies directly. It offers a no-code tool that integrates with a company’s current tech stack to simplify and accelerate operations using AI agents.

The aim, Reworkd says, is for businesses to eliminate time-consuming and repetitive tasks. The new product has been in closed beta testing for several months, covering customers in the marketing, real estate, and manufacturing sectors.

"Reworkd for Business leverages today’s language models to build AI agents with a sophisticated and nuanced understanding of your business,” said Asim Shrestha, CEO and co-founder of Reworkd. “With these emergent capabilities, we’re able to help businesses automate many core workflows they once spent countless hours on.”

The funding is a very Vancouver story. Reworkd AI was co-founded by SFU grads Shrestha and Adam Watkins, as well as UBC scholar Srijan Subedi. All three worked for local organizations including BC Cancer, Article, and Stemcell Technologies before creating their new company.

Panache Ventures, meanwhile — one of Canada’s most active seed-stage venture capital funds — has a strong Vancouver presence, including local partners Neumann and Patrick Lor.

Reworkd’s co-founders are currently in the Summer 2023 cohort for Y Combinator, and plan to focus on their new product targeted towards businesses throughout their time in the startup accelerator.