AI agent startup Sierra is nearing a $350 million funding round, led by Greenoaks Capital, which would value the company at $10 billion.
The report also noted that Sierra is on track to surpass $100 million in enterprise annual recurring revenue (ARR).
The startup previously secured $175 million in October 2024, also led by Greenoaks, with participation from Thrive Capital and Iconiq, at a $4.5 billion valuation.
Founded in 2023 by Bret Taylor (former Salesforce co-CEO and current OpenAI chair) and Clay Bavor (ex-Google executive), Sierra builds AI-powered chatbots that manage customer service for large enterprises. Its client roster includes brands like WeightWatchers and Sirius XM.
In June, the company shared on X that 15% of its customers generate more than $10 billion in annual revenue, while nearly half report revenues exceeding $1 billion annually.
This year, AI agents have emerged as a major focus across the tech industry, with companies like Microsoft and OpenAI testing different strategies to develop and deploy them.
Elon Musk’s AI venture xAI entered the race last week by launching grok-code-fast-1, a coding agent it described as fast and cost-efficient, even though it arrived relatively late to the space.
