San Francisco software startup Serval has raised $150 million in a Series C round at a $3 billion valuation. Sequoia led the round, which Serval announced on October 29, 2026.
The deal triples Serval’s valuation from $1 billion in December 2025. It is the company’s third funding round in about 12 months and brings total funding to $277 million.
Serval sells an AI-native enterprise service management platform. AI agents write automations from plain-language descriptions and then use them to resolve employee requests in IT, HR, finance and legal.
| Detail | Serval |
|---|---|
| Headquarters | San Francisco, United States |
| Founded | 2024 |
| Founders | Jake Stauch (CEO), Alex McLeod (CTO) |
| Round | Series C |
| Amount | $150 million |
| Valuation | $3 billion post-money |
| Lead investor | Sequoia |
| Returning investors | Redpoint, General Catalyst, First Round, Evantic, Elad Gil |
| New investors | Conviction, Headline |
| Total funding | $277 million |
| Announced | October 29, 2026 |
Serval Series C funding round and investors
Sequoia led the $150 million Series C, its second straight lead in Serval after the $75 million Series B in December. Sequoia partner Anas Biad confirmed the $3 billion figure as a post-money valuation.
Redpoint, General Catalyst, First Round, Evantic and Elad Gil returned for the round. Conviction and Headline joined as new investors, FinSMEs reported.
Serval did not disclose how much each investor put in or whether any shares were sold by existing holders.
Stauch called the back-to-back raises opportunistic. He told Fortune the company has years of runway in the bank and raised now because large companies are deciding whether to keep their current software vendors.
Serval funding history and valuation growth
Redpoint led Serval’s $47 million Series A in October 2025. Sequoia then led the $75 million Series B two months later, valuing the company at $1 billion.
The Series C values Serval at three times its Series B price, 10 months later.
Serval now sits among a growing group of AI software companies valued at $1 billion or more. Our list of the 50 best-funded AI startups tracks the largest of them.
What Serval’s AI platform does
Older IT service management tools mostly track support tickets, according to Serval. In Serval’s platform, staff describe a workflow in plain language, and AI agents write the code to automate it.
Serval started on the IT help desk. Customers have since used it for HR, finance, legal and security work.
In August, Serval launched Catalyst, an agent that scans support tickets for repeated tasks and drafts automations. An administrator reviews each one before it goes live, SiliconANGLE reported.
CTO Alex McLeod said the goal is to give employees outside engineering a code generation tool they can use to automate their own routine work.
Serval customers and revenue growth
Two Fortune 20 companies signed on in recent months to deploy Serval across their organizations. Other customers include Fox Corporation, WPP, Live Nation, Notion, Ramp and Lucid Motors.
Serval did not disclose its annual recurring revenue. The company says the figure has doubled every quarter since December, and that most customers go live within 30 days.
Headcount is 10 times what it was a year ago. Those growth figures come from Serval and have not been independently confirmed.
What Serval will do with the $150 million
Much of the money will go to Catalyst, so employees without engineering backgrounds can build their own automations.
The round also funds ProServal, a new professional services unit. Over the next 12 months, it plans to hire more than 100 automation engineers who will work on site at large customers. About half will be recent graduates trained through a four-week program.
In total, Serval plans to hire more than 500 people. It is opening offices in New York, London and Austin alongside its San Francisco headquarters.
For more coverage of large AI software rounds, see our AI funding insights and deal analysis.
Serval vs ServiceNow
Serval names ServiceNow as its main competitor. “It was just a fight that we decided to pick,” Stauch told Fortune.
Serval says some large customers are replacing ServiceNow entirely. It said one automaker completed the switch in 45 days, covering IT service management, its configuration database and hardware and software asset tracking.
ServiceNow is growing its own AI business. In its third-quarter results, released the same day as Serval’s announcement, ServiceNow reported agentic AI use in production up more than 13 times from a year earlier and a 98% renewal rate. It also raised its 2026 AI annual contract value target to $1.7 billion from $1.5 billion, Fortune reported.
FAQ
How much did Serval raise in its Series C?
Serval raised $150 million in a Series C announced on October 29, 2026. The round values the company at $3 billion post-money and brings total funding to $277 million.
Who led Serval’s Series C?
Sequoia led the round, as it did the Series B. Redpoint, General Catalyst, First Round, Evantic and Elad Gil returned, and Conviction and Headline joined as new investors.
What does Serval do?
Serval sells an enterprise service management platform. AI agents write automations from plain-language descriptions and resolve employee requests across IT, HR, finance, legal and security.
What is Serval’s valuation?
Serval is valued at $3 billion after its Series C. That is three times the $1 billion valuation from its $75 million Series B in December 2025.
Who are Serval’s competitors?
Serval names ServiceNow as its main competitor. The company says some large customers are replacing ServiceNow, including one automaker that switched in 45 days.
