Scoop: Agent startup Sierra closes in on $350 million deal
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From axios.com: Did you know that a two-year-old startup is about to reach a staggering $10 billion valuation? Meet Sierra, the brainchild of tech titans Bret Taylor and Clay Bavor, who are revolutionizing customer service with custom AI agents. As the demand for AI solutions skyrockets, Sierra is carving out its niche, focusing specifically on support needs. But here’s the twist: while the AI landscape buzzes with potential, it remains fragmented. Sierra aims to navigate this chaos with a specialized approach. With a recent $350 million financing round, they’re set to leap from a $4.5 billion valuation to a jaw-dropping $10 billion. Their revenue is on fire, projected to surpass $100 million annually, with a customer base that includes giants—15% boasting revenues over $10 billion. As Sierra charges ahead, it highlights a pivotal moment in AI’s evolution. Learn more about this at axios.com.
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Read Original →Ina FriedClay Bavor and Bret Taylor with Ina Fried at Axios' AI+ Summit in San Francisco on Dec. 17, 2024. Photo: Chris Constantine/AxiosSierra, which builds custom AI agents for enterprise customer service, is nearing a deal for a $350 million financing round that values the two-year-old startup at $10 billion, a source tells Axios. Why it matters: AI agents have been hot all year but the industry hasn't yet settled on a clear path for building and deploying them. Sierra is betting on a specialized approach optimized for support and customer service needs.Catch up quick: The company's founders are former Salesforce co-CEO and current OpenAI chair Bret Taylor and former Google exec Clay Bavor.Sierra previously raised $175 million at a $4.5 billion valuation last October.The new round, like the previous one, will be led by Greenoaks Capital. By the numbers: Sierra is on track to exceed $100 million in enterprise annual recurring revenue, per the source. The company said in June it has hundreds of customers, 15% of whom have revenue of over $10 billion, and 50% of whom have annual revenue of more than $1 billionGo deeper: Generative AI's next act is autonomous agentsGo deeper