Sierra raises $950M at $15B valuation for enterprise AI agents

Sierra, an AI startup founded by Bret Taylor, has secured $950 million in funding, primarily from Tiger Global and GV, elevating its post-money valuation to over $15 billion. With this capital, the company aims to establish itself as the "global standard" for AI-driven customer experiences. Sierra serves more than 40% of the Fortune 50, managing billions of interactions related to mortgage refinancing, insurance claims, returns, and nonprofit fundraising. In late November, the company reported $100 million in annual recurring revenue, which increased to $150 million by early February. In April, Sierra introduced Ghostwriter, a tool that creates agents from natural language descriptions. At a TechCrunch StrictlyVC event, Uber's CTO Praveen Neppalli Naga shared that the company exceeded its AI budget after implementing agentic AI, now achieving 10% autonomous code production among its 8,000 engineers, with a hotel-booking integration completed in six months instead of a year.