AI agent startup Sierra is close to raising $350 million in new funding, with Greenoaks Capital set to lead the round, according to Axios. The deal would value Sierra at $10 billion.
The company is also expected to cross $100 million in enterprise annual recurring revenue, the report said.
Sierra last raised $175 million in October 2024, in a round also led by Greenoaks, at a $4.5 billion valuation. Thrive Capital and Iconiq also participated in that round.
Founded in 2023 by former Salesforce co-CEO and current OpenAI chair Bret Taylor, along with ex-Google executive Clay Bavor, Sierra develops AI-powered chatbots designed to handle customer service for large businesses. Clients include well-known names such as WeightWatchers and Sirius XM.
In June, the company stated on X that around 15% of its customers generate over $10 billion in annual revenue, while about half make more than $1 billion a year.
AI agents have become a key area of focus across the tech industry this year, and big players such as Microsoft and OpenAI are exploring different approaches on how to best build and use them.
Although a bit late to the game, Elon Musk’s AI startup xAI entered the field last week with Grok-code-fast-1, a new coding agent that it described as fast and cost-efficient.
