Reuters reported on 29 October that Serval raised $150 million in a Sequoia-led round at a $3 billion valuation, triple its $1 billion valuation in December. The San Francisco-based company has raised $277 million to date.
Serval develops AI agents for workplace processes, starting with IT tasks including employee access, troubleshooting and the management of software and hardware assets. Co-founder and chief executive Jake Stauch described the product as a replacement for established platforms such as ServiceNow. He said electric vehicle maker Lucid Motors moved from ServiceNow to Serval in 45 days.
Serval plans to use the funding to expand Catalyst, its product for building and running automated workflows. Stauch said IT and security teams control permissions and approvals, while customers generally still want people to approve sensitive actions, including password resets and access to applications. Previous investors Elad Gil, First Round and General Catalyst also joined the round.
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