Serval’s Series C backs wider enterprise automation plans

AI · First reported 29 Oct, 12:49 · Updated 17:52

Image: Wikimedia Commons · NASA Johnson Space Center · Public domain

Serval says it raised $150 million at a $3 billion valuation to expand its AI automation platform beyond IT and grow its services and workforce. The company reports customer adoption and revenue growth, while its plans include deploying automation engineers at large enterprises.

Serval announced a $150 million Series C at a $3 billion valuation, led by Sequoia Capital Operations. The company said the funding brings total investment to $277 million.
Serval’s platform lets staff describe workflows in plain language for AI agents to build automations. It began with IT support and has expanded into areas including HR, finance and legal work.
The company plans to hire more than 500 people over the next 12 months, including over 100 automation engineers for its ProServal services unit. About half of those engineers are expected to be recent graduates who complete a four-week training program.
Serval says annual recurring revenue has doubled every quarter since December or since its Series B, and that two Fortune 20 companies recently adopted its platform. It did not disclose its annual recurring revenue figure.
Serval says one automaker replaced its incumbent platform in a 45-day transition covering IT service management, a configuration management database and asset tracking.

Summary written by Lux AI from 3 articles

Key facts

Funding: $150 million Series C; $3 billion valuation.
Lead investor: Sequoia Capital Operations.
Total raised: $277 million, according to the reports.
Planned hiring: More than 500 additional staff over 12 months; over 100 planned for ProServal.
Revenue disclosure: Serval did not disclose annual recurring revenue; it said the figure had doubled every quarter since December.