Artificial intelligence startup Sierra Technologies raised $0.175 billion in a round of financing, with a valuation of $4.5 billion.
Finance app Zhitong Finance learned that the artificial intelligence startup company Sierra Technologies, founded by OpenAI's board chairman Bret Taylor and former Alphabet (GOOGL.US) executive Clay Bavor, raised $0.175 billion in a round of financing, with a valuation of $4.5 billion. This deal represents a significant increase in the company's valuation. Earlier this year, the company's valuation was close to $1 billion.
Taylor, former co-CEO of Salesforce (CRM.US), said in an interview on Monday that although the industry's financing environment seems to be filled with 'bubbles,' the prospects of artificial intelligence prove that these expenditures are reasonable.
He stated, "In hindsight, this may make sense," and compared the industry's best companies to internet era giants under Alphabet such as Google. However, he also warned that the industry is rife with 'a lot of snake oil,' implying that there are still many cases of exaggeration or deception in the industry.
It is reported that Sierra develops artificial intelligence customer service tools for home security company ADT Inc. and mattress company Casper Sleep Inc., among other brands. A spokesperson said that this round of financing was led by Greenoaks Capital Partners, with participation from Thrive Capital, Iconiq Capital, and existing investors.