The company is a San Francisco-based AI-native platform focused on IT service management, founded less than two years ago by an Australian entrepreneur who moved to the US about a decade ago to break into the tech scene. It sits in a new wave of AI-first software players going up against long-established workplace software providers and it offers a more automated and conversational way for developers and IT teams to manage tasks. The founder’s journey started in Melbourne where an early interest in coding and entrepreneurship eventually pushed him away from a conventional career path and towards Silicon Valley.
Backed by major venture investors, the start-up has raised about $US127 million (roughly $187 million), including a $US75 million (about $110 million) Series B round that pushed its valuation to around $US1 billion. That deal arrived only three months after a previous funding round and investors highlighted the strength of its AI agent builder and the willingness of large enterprises to entirely replace their legacy IT systems with the new platform. In just 90 days between those rounds, the company’s revenue reportedly jumped about 500% and then doubled again, while its headcount climbed from eight people to more than 30 with a target of around 150 staff by year-end.
What makes the product stand out is that it is built from the ground up on large language models and this allows teams to customise workflows using everyday language instead of specialist coding skills. In practice, a manager can type a simple instruction, such as ensuring every new hire in a particular department gets access to a certain tool, and the system automatically generates the logic needed to make it happen. This approach, often called “vibe coding”, aims to lower the barrier to automation and give non-technical staff more control over how internal IT processes run. Customers already include venture firms, AI start-ups and enterprise software companies that want to move away from older ticket-based systems and embrace AI-driven agents.
The broader market context is shifting quickly. Longstanding software giants in IT service management and collaboration, some worth well over $US100 billion on public markets, are under pressure as AI-native challengers and new AI agent products emerge. Share prices for several incumbents have slipped since powerful AI tools aimed at everyday workers launched and this suggests investors are weighing how much value might move from legacy platforms to more flexible, AI-heavy alternatives. The new start-up seems to benefit from this trend by positioning itself as a clean-slate solution while older rivals appear to be racing to retrofit AI into existing products and pricing models.
There is also a deeper question around work and jobs. The company says its tools reduce repetitive IT tasks so staff can focus on higher-value projects rather than cutting headcount outright. That view clashes with growing concern from parts of the AI industry that large-scale automation could cause widespread job disruption, especially in support and operations roles. For now, IT professionals still design workflows, shape prompts and champion the platform inside their organisations and they spread automation across different teams. Over time, the start-up looks like it could become a central interface connecting departments and quietly taking over the routine “toil” work, but how that plays out for employment and enterprise software markets remains uncertain.
