Three months ago, we announced our Series A and shared our ambition: to build the AI-native system of record that finally gives IT teams, and every operational team they support, the ability to automate work end to end with a single sentence.
That vision accelerated even faster than we anticipated. And today, we are proud to share that Serval has raised $75 million in Series B funding, led by Sequoia, bringing us to a $1 billion valuation. Redpoint, Meritech, First Round, General Catalyst, Evantic, Sound Ventures, Radical Ventures, and others also participated. In total, Serval has raised $127 million since August.
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This round was pre-empted, and the reason was simple: the last three months have transformed Serval from an IT tool to an enterprise platform. We are being rapidly deployed beyond the IT department into HR, Finance, and Legal. And not only as an automation platform, but as an entire system of record displacing legacy platforms. While we always knew this was inevitable, we are humbled by the speed at which it is happening.
What Happened in 90 Days
Since our Series A:
- Revenue grew 500%
- Headcount more than tripled
- Serval expanded from powering IT automation to becoming a horizontal automation engine adopted by HR, Finance, Legal, Security, and Engineering
- Multiple customers fully replaced incumbent ITSM tools and moved their system of record to Serval
Why Customers Are Moving Their Systems of Record to Serval
Automation should be faster to build once than to do manually even a single time – but legacy ITSM platforms never reached that bar. Their automation depended on brittle workflow builders, complex branching logic, and months of upkeep.
Modern AI made a new approach possible.
Serval allows IT teams, and now HR, Finance, and Legal, to go from a single sentence to a published workflow. Teams can describe a process in natural language, such as onboarding a new hire, and Serval’s AI agent generates, tests, and publishes the full automation. That automation becomes a tool for human agents and Serval’s AI agents to run on demand. Workflows can be refined with natural language prompts, or at the code level for advanced users. These workflows are explainable, auditable, permissioned, and fully traceable, which is essential for enterprise adoption.
Because we built both the automation engine and the ITSM system of record, including ticketing, access management, asset management, and workflow orchestration, Serval gives companies a single place where operational work starts, runs, and is measured.
The result is that customers are automating more than 50 percent of IT tickets, resolving help desk requests, provisioning access, onboarding and offboarding employees, and running compliance and reporting workflows automatically.
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