Mercor raises $750 million at $20 billion valuation for enterprise AI agent evaluation

Mercor's business so far has centered on frontier AI labs, which have been the main buyers of expert-driven training data. That focus helped the company grow quickly: Co-Chief Executive Brendan Foody said in a July post on X that annualized revenue had passed $2 billion in June. The new round, following a $350 million Series C in October 2025 that valued Mercor at $10 billion, marks a push to sell to enterprises in every industry.

The company's pitch rests on a gap its co-CEOs describe between public benchmarks and real business conditions. Adarsh Hiremath, Mercor's other co-chief executive, said a model can score well on a public benchmark and still fail on the systems, policies and edge cases that define how a specific business runs. Mercor builds a custom benchmark for each enterprise customer and starts post-training from there. Part of that post-training runs on software from Deeptune Inc., the New York startup Mercor bought in July whose team had spent two years recreating hundreds of enterprise applications for AI agents to practice on.

The round drew corporate money from Nvidia, Salesforce and Zoom, while returning investors Benchmark, Felicis and General Catalyst also participated. Foody's blog post says the round included a tender offer for employee shares, and Mercor has not said how the $750 million splits between that and fresh capital. Sapphire Ventures' Jai Das expects enterprise demand to change as open models get good enough for companies to build on, saying Mercor has built something hard to replicate from several years of work with the labs.