In a significant development, OpenAI Chairman Bret Taylor is on the verge of securing a substantial $85 million investment for Sierra, the enterprise-focused AI startup he co-founded last year.
The investment, led by Sequoia Capital, may propel Sierra’s valuation close to the coveted $1 billion mark.
This news comes amid a growing trend of increased investments in the AI sector, fueled by the success of technologies like ChatGPT, which showcased the vast potential of AI after its rollout a year ago.
The brainchild of Taylor and former Google executive Clay Bavor, Sierra aims to tackle crucial business challenges using AI.
Despite being in stealth mode, the startup has already gained significant traction, with Benchmark leading an early investment last year.
Bret Taylor, previously co-CEO at Salesforce Inc., now heads the board of OpenAI, the pioneering force behind ChatGPT.
Sierra’s mission is to apply AI to address some of the most pressing issues in the business landscape.
Notably, Taylor’s venture into the AI realm follows his departure from Salesforce, where he had played a key role in its growth.
His Silicon Valley prominence rose further when he joined the board of OpenAI, taking on a pivotal role during the company’s CEO shuffle.
Sierra’s co-founder, Clay Bavor, a former Google executive, has a rich history within the tech giant, managing pivotal projects like Gmail and Google Drive.
His leadership in Google’s virtual reality unit underscores his commitment to staying ahead in the rapidly evolving computing landscape.
As the AI landscape continues to evolve, Sierra’s upcoming funding round signals a promising future for the startup, driven by the vision of industry veterans Taylor and Bavor.