Serval Raises $150M Series C at $3B to Take On ServiceNow With AI

Serval, a San Francisco startup that uses AI agents to run workplace IT support, has raised a $150 million Series C at a $3 billion valuation in a round led by Sequoia. The company announced the round on October 29, 2026, its third funding round in 12 months. Serval is openly targeting ServiceNow, the dominant enterprise service management company, and plans to more than double its staff with the new money.

What happened?

Sequoia led the $150 million Series C, its second straight lead in Serval after the Series B. Other investors included Elad Gil, Evantic, First Round, General Catalyst and Redpoint, with Conviction and Headline joining as new backers. Sequoia partner Anas Biad confirmed the $3 billion figure is a post-money valuation, meaning it includes the new cash.

The round brings Serval’s total funding to $277 million. Its funding history has moved quickly:

• October 2025: $47 million Series A led by Redpoint.
• December 2025: $75 million Series B led by Sequoia at a $1 billion valuation.
• October 2026: $150 million Series C led by Sequoia at a $3 billion valuation.

That is a threefold increase in valuation in about ten months.

What does Serval do?

Serval builds an AI-native platform for enterprise service management, the software companies use to handle internal requests such as new laptops, app access and password resets. Reports describe Ramp and Notion using Serval’s AI agents for exactly these tasks.

Its platform has two main parts:

• A system of record that combines request tracking, asset management, change management and approvals, covering the same ground as traditional IT service management (ITSM) tools.
• Catalyst, an automation agent that lets non-engineers in IT, security, HR, finance and legal build and run workflows. Serval says these automations include guardrails, permission checks and admin approvals.

The company started in IT but says customers now use it across HR, finance, legal, security and engineering.

How fast is Serval growing?

Serval says its annual recurring revenue has doubled every quarter since its Series B. In the 90 days after its Series A, revenue grew 500% and headcount more than tripled. Over the past year, staff grew from about 20 to about 200 people.

Customers include Fox Corporation, WPP, Live Nation and Ramp, and two Fortune 20 companies signed up in the six months before the announcement. Serval says one automotive manufacturer moved from ServiceNow to Serval in 45 days.

Serval was founded in 2024 by chief executive Jake Stauch and chief technology officer Alex McLeod, who previously led product and engineering at security camera company Verkada.

Why it matters

Serval is part of a wave of AI-native startups trying to replace established enterprise software rather than add AI on top of it. Its pitch is that AI agents can resolve a large share of routine tickets automatically. The company says customers automated more than half of their IT tickets during its Series B period.

If that holds at scale, it challenges the business model of incumbents that charge for software used by large service desk teams. Investors are clearly willing to back that idea. AI agent startups have been some of the biggest fundraisers of the autumn, alongside companies such as Applied Compute. Meanwhile, established players are buying AI agent companies, such as Five9’s deal for Level AI.

What happens next?

Serval plans to hire more than 500 people over the next 12 months. More than 100 of them will be automation engineers for ProServal, a new professional services arm that helps customers set up automations. About half of those engineers are expected to be recent college graduates who complete a four-week Serval training programme. The co-founders say the money will also go into new AI features, a modern system of record and deeper support for customers through their AI transformation.