AI startup Serval closed a private deal with venture-capital giant Sequoia in December that valued it at less than $400 million. Days later, Serval announced a new milestone from another funding round. This time, its valuation had topped $1 billion, giving it Silicon Valley’s coveted “unicorn” status. Serval’s $600 million valuation surge in less than a week is an example of a fundraising tactic that has grown increasingly popular for sought-after startups and top-tier venture-capital firms in recent months. A startup sells a stake of its company to a leading investor at one valuation and, either soon after or at…

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