Serval, a San Francisco startup that builds AI agents for enterprise IT work, has raised $150 million in a round led by Sequoia that values the company at $3 billion. The valuation is triple the $1 billion mark Serval reached in December, when Sequoia led its $75 million Series B.
Serval has now raised $277 million in total. Earlier backers Elad Gil, First Round and General Catalyst also took part in the new round.
Serval's agents automate workplace processes, starting with IT operations: handling employee access, troubleshooting problems, and managing software and hardware assets. The new capital will go toward expanding Catalyst, Serval's product for building and running automated workflows.
Key facts
- 01Serval raised $150 million in a round led by Sequoia at a $3 billion valuation.
- 02The valuation is triple the $1 billion Serval was valued at in December.
- 03Serval has raised $277 million to date; Elad Gil, First Round and General Catalyst also joined.
- 04CEO Jake Stauch said Lucid Motors moved from ServiceNow to Serval in 45 days.
- 05The new capital will expand Catalyst, Serval's product for building and running automated workflows.
The company is positioning itself as a replacement for incumbent platforms such as ServiceNow rather than an add-on. Co-founder and CEO Jake Stauch said Serval is not meant to be an extra AI cost layered on top of a company's existing system of record.
“It's not an additional layer of AI spend on top of your existing system of record”— Jake Stauch, Serval co-founder and CEO
Stauch pointed to Lucid Motors as an example. The electric vehicle maker moved from ServiceNow to Serval in 45 days, he said.
The round reflects investor appetite for AI startups that are going after established enterprise software providers, including ServiceNow and Workday.
Asked how companies can keep agents away from sensitive data or unauthorized changes, Stauch said Serval separates the administrator agent used to build tools from the employee-facing agent, which can only run approved workflows. IT and security teams control the permissions and approvals.
Customers still generally want a human to approve sensitive actions, such as password resets, application access and changes to sensitive systems, according to the company's account of how its agents are deployed.
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