AI startup Sierra raises $175 million at $4.5 billion valuation

Odaily Star Dai Report: The artificial intelligence startup Sierra Technologies, founded by Bret Taylor, the chairman of the board of OpenAI, and Clay Bavor, a former executive of Alphabet (GOOGL.US), has completed a $175 million financing round, with a valuation of $4.5 billion. The round was led by Greenoaks Capital Partners, with participation from Thrive Capital, Iconiq Capital, and existing investors. This transaction represents a significant increase in the company's valuation, which was close to $1 billion earlier this year. Taylor, who was the co-CEO of Salesforce (CRM.US), stated in an interview on Monday that while the industry's financing environment seems to be "bubbling," the prospects of artificial intelligence justify these expenditures. He said, "in hindsight, it may have been reasonable to do so," and compared the best companies in the industry to internet giants like Google under Alphabet. However, he also warned that the industry is also "full of snake oil," suggesting that there are still many exaggerations or misrepresentations in the industry. It is reported that Sierra develops artificial intelligence customer service tools for brands such as ADT Inc., a home security company, and Casper Sleep Inc., a mattress company. (CNBC)