Serval valued at US$3 billion in US$150 million funding round
Sequoia led the investment in the employee-support AI company, which intends to recruit more than 500 people over the next 12 months.
AI startup Serval announced a US$150 million Series C led by Sequoia, putting its valuation at US$3 billion. The San Francisco company previously raised US$75 million in December at a valuation of US$1 billion.
The latest investment brings Serval’s cumulative funding to US$277 million and is its third financing round within 12 months. New backers Conviction and Headline participated alongside existing investors.
Serval builds agents to automate support for employees, beginning with IT functions including troubleshooting and staff access management. According to the company, customers have extended their use into HR, finance, security and legal work. Co-founder and chief executive Jake Stauch told Reuters that Serval offers a replacement for systems such as ServiceNow, rather than an additional AI layer.
The company says its Catalyst agent allows non-engineering staff to create workflows in code, subject to administrator-managed permissions and approvals. Stauch said customers generally continue to require human authorization for sensitive operations, including password resets.
Serval reports quarterly doubling of annual recurring revenue since its Series B. Its founders say two Fortune 20 companies joined its customer base during the past six months.
Expansion plans include offices in Austin, London and New York. Of the more than 500 planned recruits, over 100 will become automation engineers at ProServal, a new professional services arm. They will be embedded with customers to identify automation opportunities and redesign processes.
