Serval raises $150 million at $3 billion to replace ServiceNow with coding agents for everyone else

Serval announced a $150 million Series C at a $3 billion valuation on Thursday, Oct. 29, 2026, led by Sequoia, for its AI platform that lets non-engineers build enterprise workflows in code.

The "AI kills SaaS" crowd keeps predicting the death of the big enterprise systems. SaaS is software a company rents. Serval's version is narrower and more practical: go after ServiceNow's ticket-and-workflow empire with coding agents that write the automations for you. Tripling the valuation in a year says investors believe it. The funny twist is the plan: an AI-automation company's big use of the money is hiring 500 humans, including a consulting arm, because enterprise software still gets sold the old-fashioned way.

Serval announced a $150 million Series C on Oct. 29, 2026, at a $3 billion valuation. A Series C is a later round of private funding, named with a letter. A valuation is the price investors put on the whole company. Sequoia led the round. Reuters reported that the round triples Serval's valuation. The round size and the $3 billion figure are Serval's. The "triples" comparison is Reuters'.

It is Serval's third round in 12 months. Investors in this round include Elad Gil, Evantic, First Round, General Catalyst, and Redpoint, plus new investors Conviction and Headline. Those names are Serval's, from its announcement the same day.

Serval's AI automation agent is called Catalyst. It lets employees in IT, security, HR, finance, legal, and other departments build and run workflows as code, without engineering experience. A workflow is a repeated office process, such as approving a laptop or granting access. "As code" means the steps are written as a program, not only as a form. Admins set guardrails, permission checks, and approvals. A guardrail is a limit so the software cannot do whatever it wants. An admin is the person at the company who is allowed to set those limits. Those lines are Serval's.

Catalyst sits inside Serval's enterprise service management platform, the software that handles requests, assets, changes, and approvals. An asset, here, is a laptop, an account, or another thing the company owns. Serval pitches the product as a replacement for ServiceNow, the big system companies use to track internal requests and IT work. Serval says one automotive manufacturer replaced ServiceNow with Serval across the whole company in 45 days. Those lines are Serval's.

Serval says its annual recurring revenue has doubled every quarter since its Series B. Annual recurring revenue is the subscription money a company expects over a year, counted so a one-time deal does not inflate the number. Serval did not publish the dollar amount. It says two Fortune 20 companies came on in the last six months, and that Fox Corporation, WPP, Live Nation, and Ramp build with it. Fortune 20 means twenty of the largest U.S. companies on the Fortune list. Those claims are Serval's.

Serval plans to hire more than 500 people in the next 12 months. More than 100 of them are Automation Engineers for ProServal, a new professional-services arm. Professional services means people the company sends in to set the software up for a customer. About half of those hires will be recent college graduates, who go through a four-week training program. Those hiring plans are Serval's.

Serval was co-founded by chief executive Jake Stauch and chief technology officer Alex McLeod. Those roles are Serval's.

The picture is Serval's cofounders, Jake Stauch and Alex McLeod. The credit is Serval.

In plain terms, Serval on Thursday raised $150 million at a $3 billion valuation, led by Sequoia. Reuters says that triples the last price. The product, Catalyst, lets people outside engineering write office workflows as code, with an admin still approving what the software can do. Serval says one carmaker dropped ServiceNow for it in 45 days, and that subscription revenue has doubled every quarter since the last round, without giving the dollar figure. The hiring plan is more than 500 people, including a new services team.