San Francisco-based startup Serval has secured $150 million in a Series C funding round led by Sequoia. This investment brings the company's post-money valuation to $3 billion. The round, announced on October 29, 2026, marks the firm's third capital raise within approximately one year, bringing total funding to $277 million.
The company's valuation has seen rapid growth, rising from $232 million in August 2025 to over $1 billion by December 2025. Existing investors Elad Gil and General Catalyst participated in the latest round, joined by new backers Conviction and Headline. Serval reports that its annual recurring revenue has doubled every quarter since its Series B funding.
Serval develops Catalyst, an automation agent platform that enables employees to create workflows using natural language. The system serves as an alternative to legacy enterprise IT service management tools like ServiceNow. The platform currently handles IT tasks such as password resets and access approvals, while maintaining a separation between workflow agents and permission control agents.
The newly raised capital will support the expansion of Catalyst into HR, finance, security, and legal departments. Additionally, the company is launching a professional services division named ProServal. This unit aims to hire more than 500 employees over the next year, following a period where the company increased its total headcount tenfold.
