OpenAI chair’s AI start-up Sierra gets US$4.5 billion valuation in latest funding round
The funding has established Sierra as one of the most highly valued AI start-ups, despite growing concerns around AI bubbles
Sierra, a software start-up co-founded by former Salesforce co-CEO Bret Taylor, has raised US$175 million in a new funding round led by Greenoaks Capital that gave it a US$4.5 billion valuation, the company said on Monday.
The funding round comes less than a year after the public launch of the young AI start-up by Taylor, one of the most closely watched entrepreneurs in Silicon Valley.
The company previously raised US$110 million from Sequoia Capital and Benchmark at a nearly US$1 billion valuation.
Thrive Capital and Iconiq also took part in the round.
The funding has established Sierra as one of the most highly valued AI start-ups, despite growing concerns around AI bubbles. The company has crossed US$20 million in annualised revenue, sources familiar with the matter told Reuters.
A huge valuation at an early-stage start-up is usually based on the company’s growth potential and investor interest in the category and founding team.