Sierra Technologies, an AI startup founded by Bret Taylor, OpenAI chairman, and Clay Bavor, a former executive at Alphabet (GOOGL, Financial), has raised $175 million in a funding round, boosting its valuation to $4.5 billion. This marks a significant increase from earlier this year when the company's valuation was nearly $1 billion.
Taylor, who previously served as co-CEO of Salesforce (CRM), commented on the investment environment in the AI sector, acknowledging a "bubble" but also emphasizing the promising potential of AI technology. He likened the most successful AI companies to internet giants like Google, while cautioning against prevalent overhyped claims in the industry.
Sierra Technologies is known for developing AI-driven customer service tools for brands such as ADT Inc. and Casper Sleep Inc. The recent funding round was led by Greenoaks Capital Partners, with participation from Thrive Capital, Iconiq Capital, and existing investors.
