Dust Raises $40M Series B for Multiplayer Agents
Paris-based Dust raised a $40M Series B led by Sequoia and Abstract, with Snowflake Ventures and Datadog joining. Founders are ex-Stripe and ex-OpenAI — Gabriel Hubert and Stanislas Polu, the latter spent three years as a software engineer at OpenAI. Total raised crosses $60M.
The pitch: Dust is the multiplayer operating system for enterprise AI. Not one user, one chatbot. Whole companies running shared agents across Slack, Notion, Google Drive, GitHub, internal databases. 3,000 organizations, 51,000 monthly actives, 300,000 agents deployed, zero churn in 2025, $20M+ ARR.
The interesting line in the deck isn't the funding number. It's "zero churn." Most enterprise AI tools sit at 10-15% gross churn. Zero in 2025 means whoever ships an agent platform into an org tends to stick — because once your agents touch your Slack history, your shared drives, your internal SQL, ripping them out is a migration nightmare. That's the moat Dust is buying with the $40M: distribution and stickiness ahead of OpenAI, Anthropic, Microsoft shipping the same thing.
Whether they hold the wedge against the frontier labs' inevitable copy is the real question. But Sequoia's check says they think the wedge is real.
Announcement: https://dust.tt
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The pitch: Dust is the multiplayer operating system for enterprise AI. Not one user, one chatbot. Whole companies running shared agents across Slack, Notion, Google Drive, GitHub, internal databases. 3,000 organizations, 51,000 monthly actives, 300,000 agents deployed, zero churn in 2025, $20M+ ARR.
The interesting line in the deck isn't the funding number. It's "zero churn." Most enterprise AI tools sit at 10-15% gross churn. Zero in 2025 means whoever ships an agent platform into an org tends to stick — because once your agents touch your Slack history, your shared drives, your internal SQL, ripping them out is a migration nightmare. That's the moat Dust is buying with the $40M: distribution and stickiness ahead of OpenAI, Anthropic, Microsoft shipping the same thing.
Whether they hold the wedge against the frontier labs' inevitable copy is the real question. But Sequoia's check says they think the wedge is real.
Announcement: https://dust.tt
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