WillItSurvive
No grouping · France

Dust

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Dust builds a model-agnostic AI agent platform that plugs into a company's existing SaaS stack.

Losing its protection
Assessed 30 July 2026 · Evidence as of 30 July 2026
The structural protection is eroding.
On the recordSince 30 July 2026 · Checkable from 2027 · Every call on the record Checkpoint: Next funding round or 2027 metrics disclosure showing whether NRR and churn hold as Agent 365 and Agentforce reach general availability
The call

Dust shows strong usage and retention numbers today, but Microsoft, Salesforce, ServiceNow and Google are all now selling their own agent-builders into the same accounts.

Dust lets companies create AI agents that work inside the software they already use, like Salesforce or Microsoft tools. The company has grown quickly with many customers and low churn, which suggests businesses find it sticky. But Microsoft, Salesforce, ServiceNow, and Google have all launched their own agent-building tools built directly into their own platforms in the past year, and these tech giants have a huge advantage: their customers already pay them and already use their software every day. The thing that matters most is whether Dust's growth slows down as these giants offer agents for free or as a bundle with what customers already buy.

Why
01
AI pressure: OpenAI and Anthropic agent-building tools (Assistants API, Claude Agents). Frontier labs now ship agent orchestration as a feature, letting companies build what Dust sells without a separate vendor. Could AI do the core job? Only partly.
02
Bigger players: Microsoft Agent 365/Copilot Studio, Salesforce Agentforce, ServiceNow, Google Gemini Enterprise. All four have shipped native agent-builders into suites companies already pay for, competing directly with Dust's core product. Could a giant copy it? Yes, easily.
03
What protects it. 240% net revenue retention and zero 2025 churn show real switching cost once agents and workflows are embedded across a company's tools.
What would change this call
Dust discloses NRR and churn at its next funding round or 2027 update. Shows whether lock-in holds as rivals ship free bundled agent tools.
Microsoft Agent 365 and Salesforce Agentforce reach general availability with Fortune 500 adoption data. Would indicate suite owners are converting installed base away from standalone tools like Dust.
Dust publishes a hard ARR figure at its next funding event. Would resolve the current silence on revenue scale beyond third-party estimates.
Key numbers
  • 240% net revenue retention, zero churn in 2025 (2026-05-18)
  • 3,000+ organizations, 300,000+ agents deployed (2026-05-18)
  • $40M Series B, total raised over $60M (2026-05-18)
Named risks
  • Microsoft, Salesforce, ServiceNow and Google bundling native agent-builders into paid seats customers already own. Severity: high
  • Core value sits atop commodity, licensed frontier models (OpenAI, Anthropic, Google, Mistral). Severity: medium
  • Open-source MIT core (1,300+ GitHub stars) lowers barrier for competitors to fork functionality. Severity: medium
  • No confirmed ARR disclosed at $40M Series B (May 2026), leaving revenue scale unverified. Severity: medium
  • Mid-2026 shift from flat per-seat to credit-metered pricing flagged as adding complexity. Severity: low
Rivals, as read in July 2026
RivalDirectionEvidence
Microsoft (Copilot Studio, Agent 365)gaining onAnnounced Agent 365 control plane and GPT-5 integration at Ignite, Nov 2025
Salesforce (Agentforce)gaining on8,000+ customers and new Flex Credits pricing ($0.10/action) by Jan 2026
ServiceNowgaining onRanked #1 in Gartner 2025 Critical Capabilities for Enterprise Low-Code Applications, AI Agents
Google (Gemini Enterprise)contestingShipping native enterprise agent-builder features in same 2025-2026 window
GleancontestingNamed Forrester Strong Performer in Cognitive Search Platforms, Q4 2025
Questions people ask
Is Dust profitable in 2026?
Dust has not disclosed profitability or exact ARR. It raised a $40M Series B on May 18, 2026, reporting 240% net revenue retention and zero customer churn in 2025, but declined to release a hard revenue number at that raise.
Could AI replace Dust's product?
Dust is a model-agnostic wrapper over OpenAI, Anthropic, Google, and Mistral models, meaning core intelligence is licensed, not owned. Microsoft (Agent 365), Salesforce (Agentforce), and Google (Gemini Enterprise) have shipped native competing agent-builders as of the 2025-2026 window.
Who is Dust's biggest competitor?
Dust competes with Glean, Microsoft Copilot Studio/Agent 365, Salesforce Agentforce, and ServiceNow. ServiceNow ranked #1 in Gartner's 2025 Critical Capabilities for Enterprise Low-Code Applications and AI Agents, and Salesforce Agentforce reportedly has 8,000+ customers as of January 2026.
How much funding has Dust raised total?
Dust has raised over $60M (reported as $61.5M) across three rounds: a ~€5M seed in June 2023 led by Sequoia, a $16M Series A in June 2024, and a $40M Series B announced May 18, 2026 co-led by Sequoia Capital and Abstract Ventures.
How many customers does Dust have?
As of its May 18, 2026 Series B announcement, Dust reported serving 3,000+ organizations, 41,000 to 51,000 monthly active users depending on the outlet cited, and over 300,000 agents deployed across those organizations.
Who owns Dust?
Dust is privately held and venture-backed, with no parent company. It was founded in February 2023 by Stanislas Polu and Gabriel Hubert, and its largest investor is Sequoia Capital, which led both the 2023 seed and 2024 Series A and co-led the May 2026 Series B.
Timeline
  • 2026-07-11Crustdata reports Dust headcount at 158, up 97.5% year-over-year
  • 2026-05-18Dust announces $40M Series B co-led by Sequoia and Abstract Ventures
  • 2026-05-18Dust discloses 3,000+ orgs, 300,000+ agents, 240% NRR, zero 2025 churn
  • 2026-04Dust launches Sidekick natural-language agent creation feature
  • 2026-01-15Report notes Microsoft Agent 365 and Salesforce Agentforce Flex Credits pricing live
  • 2025-11Microsoft unveils Agent 365 control plane and GPT-5 integration at Ignite 2025
  • 2024-06Dust closes $16M Series A led by Sequoia, crosses $1M ARR, 70% WAU/MAU
  • 2023-06Dust closes roughly €5M seed round led by Sequoia Capital
  • 2023-02Dust founded by Stanislas Polu and Gabriel Hubert
Revision history
30 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
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