Bret Taylor’s Sierra Reaches $100m Arr In Under Two Years

Sierra, a 21-month-old, San Francisco-based startup that builds customer work AI agents for enterprises, announced connected Friday that it reached $100 cardinal successful yearly gross tally complaint (ARR). The company’s accelerated maturation suggests that businesses crossed industries are embracing AI agents.

The startup’s maturation complaint amazed moreover its seasoned co-founders, erstwhile Salesforce co-CEO Bret Taylor and longtime Google alum Clay Bavor, who wrote connected their blog: “That’s a heck of a batch quicker than we expected.”

Sierra’s customers see tech companies for illustration Deliveroo, Discord, Ramp, Rivian, SoFi, and Tubi, arsenic good arsenic well-established businesses extracurricular of nan tech sector, specified arsenic ADT, Bissell, Vans, Cigna, and SiriusXM.

Taylor and Bavor said they expected tech companies would consciousness comfortable experimenting pinch AI customer work agents, but they were astounded that older businesses besides became Sierra’s customers.

The institution says it tin build AI agents that tin grip tasks for illustration authenticating patients for healthcare providers, processing returns, ordering replacement in installments cards, and helping customers use for mortgages — fundamentally automating customer work activity that antecedently required quality agents.

Sierra faces title from startups for illustration Decagon and Intercom, but nan institution claims to beryllium nan leader successful nan AI customer work category.

Sierra was past weighted astatine $10 billion erstwhile it raised a $350 cardinal information led by Greenoaks Capital successful September. Other investors successful nan institution see Sequoia, Benchmark, ICONIQ, and Thrive Capital.

 Based connected its $100 cardinal ARR, nan Sierra is presently weighted astatine a 100x gross multiple, a hefty valuation contempt its exceptionally accelerated growth.

The startup employs an outcomes-based pricing model, charging customers for completed activity alternatively than charging level subscription fees.

TTaylor and Bavor first met astatine Google successful 2005, wherever Taylor hired Bavor arsenic an subordinate merchandise manager.

A Stanford machine subject graduate, Taylor co-created Google Maps earlier founding FriendFeed, which Facebook acquired. At Facebook, he served arsenic CTO and helped create nan iconic “Like” button. He later founded Quip, a Google Docs competitor that Salesforce acquired for $750 cardinal successful 2016.

Taylor went connected to service arsenic Salesforce co-CEO alongside Marc Benioff for complete a year. After Taylor near Salesforce successful 2023, Bavor — who had spent 18 years astatine Google starring products for illustration Gmail and Google Drive — invited him to lunch, wherever they decided to motorboat Sierra.