Serval Raises $150M in Series C Funding Led by Sequoia

Serval, a San Francisco, CA-based provider of an enterprise service management and automation platform, has raised $150 million in a Series C funding round, bringing the total amount to $277 million at a $3B valuation.

The round was led by Sequoia with participation from Elad Gil, Evantic, First Round, General Catalyst, Redpoint, Conviction, and Headline.

The company plans to invest in its AI automation agent, launch a professional services division, and expand its global team.

What is Serval?

Serval develops an AI-powered platform that helps large companies automate internal business operations. Its software supports teams across IT, HR, finance, security and legal departments.

Read More:Dan Aziz Co-Founded Skoka Secures $21.5M in Funding

Its AI agent, Catalyst, allows employees to automate routine tasks without needing an engineering background. The platform helps businesses manage employee support requests and build automated workflows through a single system.

Serval aims to replace traditional enterprise service management software that mainly tracks requests with tools that can also resolve them through automation.

How Much Funding Has Serval Raised?

Serval has raised $277 million in total funding following its latest $150 million Series C round. The company is now valued at $3 billion.

The announcement did not provide details of the amounts raised in its previous funding rounds.

Who Invested in Serval’s Series C?

The Series C round was led by Sequoia.

Other participating investors include:

• Elad Gil
• Evantic
• First Round
• General Catalyst
• Redpoint
• Conviction
• Headline

Why the Funding Matters

Serval will use the investment to further develop Catalyst, its AI automation agent.

The company is also launching ProServal, a professional services division that plans to hire more than 100 Automation Engineers. These engineers will work directly with large organisations to understand their operations and build automated workflows.

Serval plans to train some of its new hires through a four-week internal programme. Around half of the Automation Engineers are expected to be recent graduates.

Who founded Serval?

Serval was founded by Alex McLeod and Jake Stauch. The company is headquartered in San Francisco, California.

"Serval kills tedious work so people can focus on what matters. Everyone experiences some sort of friction in their day-to-day life that blocks their productivity and drains their joy," said Alex McLeod, co-founder and CTO of Serval. "

“Serval is winning over major enterprises, becoming their system of record, and taking on their most critical workflows,” said Anas Biad, partner at Sequoia. “Jake, Alex, and the team have earned the trust of some of the world’s most complex organizations, and they’re building the platform those enterprises are running on.”

Market and Business Growth

Serval said it has doubled its annual recurring revenue (ARR) every quarter since its Series B round. It has recently onboarded two Fortune 20 companies for organisation-wide automation deployments.

Its customers include Fox Corporation, WPP, Live Nation, Ramp, Notion, and Lucid Motors. Most customers go live within 30 days.

The company is also competing with established enterprise service management platforms such as ServiceNow. One automotive manufacturer moved from ServiceNow to Serval in 45 days, covering IT service management, asset management, and workflow automation.

What Happens Next?

Serval plans to expand Catalyst, build its ProServal engineering team, and increase its presence in key international markets. Through ProServal, the company aims to help large organisations redesign internal workflows and adopt AI-powered automation across departments.

Read More:Midstream Health Raises $20M in Series A Funding Led by Valtruis