Serval

Enterprise Software · AI Agents · IT Service Management

Funding

Serval raises $150M Series C led by Sequoia at $3B valuation

The deal triples its valuation since December, as Sequoia backs the challenger to ServiceNow, a company it funded back in 2009.

• Serval raised a $150 million Series C led by Sequoia at a $3 billion valuation, bringing its total funding to $277 million.
• Serval builds AI agents that automate employee support tasks like password resets, IT tickets and expense filing, aiming to replace legacy platforms like ServiceNow rather than just add an AI layer on top.
• It's Serval's third raise in 12 months, following a $75 million Series B in December 2025 that valued it at $1 billion, tripling its valuation in under a year.
• Serval says it has doubled annual recurring revenue every quarter since its Series B, though it has not disclosed actual revenue figures.
• The company grew from about 20 employees in January 2026 to roughly 200 now, and plans to hire over 500 more, including 100+ automation engineers for its new ProServal services arm.
• Serval cites Lucid Motors as a customer that fully migrated its 10,000-person organization off ServiceNow in 45 days, part of its pitch that AI-written code makes workflow automation cheap to replace.
• ServiceNow, which generated $13.8 billion in 2025 revenue, says it still maintains a 98% renewal rate and that inbound interest from first-time customers is up 60%.
• The round ranks in the 95th percentile of all-time US enterprise software Series C deals, underscoring how aggressively investors are betting that AI agents can displace entrenched enterprise software from within rather than just augment it.