Technology
Caterpillar third-quarter profit rises on power equipment demand
By Erik Svenson
Serval triples valuation to $3 billion as businesses adopt AI workflow automation
Tommy Anderson
Tommy Anderson
Reporter · Fargo, ND
Tommy Anderson is a community reporter with a knack for uncovering local stories that matter. He has a journalism degree from Minnesota State University Moorhead and has reported for several local news organizations over his eight-year career.
More from Tommy →Reporter · Thursday, October 29, 2026 at 12:02 PM · 1 min read
By Harshita Mary Varghese Oct 29 (Reuters) Serval raised $150 million in a Sequoia-led round at a $3 billion valuation, as the enterprise automation company seeks to use AI agents to handle workplace tasks and replace legacy software across large organizations. The round triples Serval s $1 billion valuation from December, highlighting investor interest in AI startups taking on established enterprise software providers such as ServiceNow and Workday. San Francisco-based Serval, which has raised $277 million to date, develops AI agents that automate workplace processes, initially focusing on IT operations such as managing employee access, troubleshooting, and handling software and hardware assets. It s not an additional layer of AI spend on top of your existing system of record, it is a true alternative replacement for platforms like ServiceNow, Jake Stauch, co-founder and CEO of Serval, told Reuters. Stauch said electric vehicle maker Lucid Motors migrated from ServiceNo
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