Serval raised $150 million in Series C funding at a $3 billion valuation, giving the enterprise service management company fresh capital to expand its automation platform and build a professional services operation. Sequoia led the round, announced October 29, as Serval pursues customers replacing ServiceNow.
The financing brings total funding to $277 million, according to the company’s funding announcement. Participants included existing investors Elad Gil, Evantic, First Round, General Catalyst, and Redpoint, alongside new investors Conviction and Headline.
A substantial part of the expansion involves implementation support. Serval plans to hire more than 500 people over the next 12 months, including more than 100 automation engineers for ProServal, its new professional services arm. Those engineers will work with customer teams to identify automation opportunities and redesign processes. Roughly half will be recent graduates who complete a four-week training program, the founders said.
Building automation inside service management
Serval combines request tracking, asset management, changes, and approvals with Catalyst, its AI automation agent. The company says employees across IT, HR, finance, security, and legal can use it to turn business requirements into code-based workflows without an engineering background.
Catalyst became generally available on August 20, preceding the funding announcement. According to Serval’s product release details, it can generate automations from ticket histories, natural-language instructions, and existing operating procedures.
Serval says Catalyst inherits the permissions of its user and operates within a team workspace. Generated automations are staged as drafts, with organizations controlling who can publish them and which reviews are required before they reach production systems.
Competing for existing ServiceNow deployments
In their funding update, Serval’s founders described a strategy of replacing the service management system of record. They cited an unnamed automotive manufacturer that moved from ServiceNow in 45 days, covering IT service management, a configuration management database, hardware and software asset management, and departmental workflows. The migration timeline is a company-reported result.
Serval also said annual recurring revenue has doubled each quarter since its Series B and named Fox Corporation, WPP, Live Nation, and Ramp as customers. The announcement did not disclose an ARR dollar figure, limiting what those growth claims establish about the company’s commercial scale.
Sources
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