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

San Francisco-based Serval, which builds AI agents that automate enterprise service work, has raised a $150 million Series C at a $3 billion valuation. Sequoia, which also led the company's Series B, led the round.

Existing investors Elad Gil, Evantic, First Round, General Catalyst and Redpoint returned, joined by new backers Conviction and Headline. The round brings total funding to $277 million and marks Serval's third raise in 12 months, following a $75 million Series B in December 2025 that valued the company at $1 billion and a Series A announced in October 2025.

Going Directly at ServiceNow

Serval names ServiceNow as its main competitor and pitches itself as a replacement, not an add-on. The company says one auto manufacturer moved from ServiceNow to Serval in 45 days, covering its ITSM, CMDB, hardware asset management and software asset management modules. Customers include Fox Corporation, WPP, Live Nation and Ramp, and two Fortune 20 companies came aboard in recent months. Most customers go live within 30 days, according to the company.

The timing is pointed. Fortune reported that the announcement came as ServiceNow shares fell more than 26% in Thursday trading following its third-quarter earnings.

Catalyst and a New Services Arm

Co-founded by CEO Jake Stauch and CTO Alex McLeod, who met at security-camera company Verkada, Serval started with IT work such as access management, troubleshooting and tracking software and hardware. Its customers now use it across HR, finance, security and legal as well. The new capital goes into Catalyst, Serval's automation agent, which lets employees outside engineering build workflows while administrators keep control through guardrails, permission checks and approvals.

Sequoia partner Pat Grady described the platform this way: “It gives people the tools to build better workflows and get time back for more valuable work.”

Serval is also launching ProServal, a professional services arm that will hire more than 100 Automation Engineers over the next 12 months to work with customers on rebuilding workflows. About half will be recent graduates who complete a four-week Serval training program.

“Nobody has ten years of experience doing this, because two years ago the tools didn't exist,” Stauch said.

Why It Matters

Serval says annual recurring revenue has doubled every quarter since its Series B, though it has not disclosed dollar figures. Its team grew tenfold over the past year, and it plans to add more than 500 people while opening offices in New York City, London and Austin.

The bigger story is the strategy. Enterprise service management has long been treated as a category locked up by an incumbent with deep integrations and high switching costs. Serval is betting that AI agents shrink those switching costs enough that large companies will rip out a system of record rather than layer another tool on top of it. Pairing software with a staffed services arm is an admission that migrations still need people, and a sign Serval intends to win them one workflow at a time. Three rounds in a year, with Sequoia leading twice, show investors are willing to fund that fight.

Source

Business Wire — Serval Raises $150M Series C at $3B Valuation Led by Sequoia