Serval Raises $150M Series C at $3B for agents that write the workflow, then step aside
Serval raised a $150 million Series C at a $3 billion valuation on October 29, led by Sequoia. Existing investors Elad Gil, Evantic, First Round, General Catalyst and Redpoint joined, with Conviction and Headline as new names. It is the company's third round in 12 months and brings total funding to $277 million.
What Serval sells is a replacement for ServiceNow, the incumbent in enterprise IT service management, with an agent called Catalyst at the center. The design choice is what makes it interesting. Catalyst does not act freely each time a request comes in. An employee in IT, HR, finance or legal describes what they want, and Catalyst turns it into "deterministic tools that can be run securely," code-based workflows with permission checks and approvals managed by admins. The agent does the building once, and the result runs the same way every time.
The traction claims: annual recurring revenue has doubled every quarter since the Series B, two Fortune 20 companies came on in the last six months, and customers include Fox, WPP, Live Nation and Ramp. One automotive manufacturer moved its whole ServiceNow setup to Serval in 45 days. Serval plans to hire more than 500 people in the next year, including over 100 "automation engineers" for a new professional-services arm, ProServal, about half of them recent graduates.
That last detail matters as much as the round. Even an agent-native company thinks enterprise adoption needs people sitting inside the customer, redesigning processes. Forward-deployed humans are becoming part of the agent product.
Other agent rounds in the same window: Wabi raised $55 million at $1.25 billion led by IVP for agents that build mini-apps inside group chats. &Truth came out of stealth with a $70 million seed for formal verification of AI-written code. Mintive, formerly MintMCP, raised a $7 million seed led by Cowboy Ventures for agent identity and control, per TechCrunch.
Our read: "the agent writes the tool, the tool runs" keeps winning in places where auditors exist. Serval is the biggest bet on that pattern so far.
Serval announcement: https://www.serval.com/blog/we-raised-150m-to-make-everyone-a-builder Press release: https://www.morningstar.com/news/business-wire/20261029114967/serval-raises-150m-series-c-at-3b-valuation-led-by-sequoia
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What Serval sells is a replacement for ServiceNow, the incumbent in enterprise IT service management, with an agent called Catalyst at the center. The design choice is what makes it interesting. Catalyst does not act freely each time a request comes in. An employee in IT, HR, finance or legal describes what they want, and Catalyst turns it into "deterministic tools that can be run securely," code-based workflows with permission checks and approvals managed by admins. The agent does the building once, and the result runs the same way every time.
The traction claims: annual recurring revenue has doubled every quarter since the Series B, two Fortune 20 companies came on in the last six months, and customers include Fox, WPP, Live Nation and Ramp. One automotive manufacturer moved its whole ServiceNow setup to Serval in 45 days. Serval plans to hire more than 500 people in the next year, including over 100 "automation engineers" for a new professional-services arm, ProServal, about half of them recent graduates.
That last detail matters as much as the round. Even an agent-native company thinks enterprise adoption needs people sitting inside the customer, redesigning processes. Forward-deployed humans are becoming part of the agent product.
Other agent rounds in the same window: Wabi raised $55 million at $1.25 billion led by IVP for agents that build mini-apps inside group chats. &Truth came out of stealth with a $70 million seed for formal verification of AI-written code. Mintive, formerly MintMCP, raised a $7 million seed led by Cowboy Ventures for agent identity and control, per TechCrunch.
Our read: "the agent writes the tool, the tool runs" keeps winning in places where auditors exist. Serval is the biggest bet on that pattern so far.
Serval announcement: https://www.serval.com/blog/we-raised-150m-to-make-everyone-a-builder Press release: https://www.morningstar.com/news/business-wire/20261029114967/serval-raises-150m-series-c-at-3b-valuation-led-by-sequoia
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