Sep 2, 2025 - Business

Scoop: Agent startup Sierra closes in on $350 million deal

Ina Fried

Photo of Clay Bavor, Bret Taylor and Ina Fried on stage — Clay Bavor and Bret Taylor with Ina Fried at Axios' AI+ Summit in San Francisco in December. Photo: Chris Constantine/Axios

Sierra, 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 billion.

Go deeper: Generative AI's next act is autonomous agents

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Scoop: Agent startup Sierra closes in on $350 million deal

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