Executives are increasingly feeling the pressure of being forced to accelerate their digital transformation while having little insight into their progress. They are nervous that in pushing out new features, they could cause breakdowns or miss timetables that damage the business.
To help coordinate the process, Cutover has developed an orchestration and observability platform that pulls together signals across several parts of the development process to enable a clearer view. Such tools are increasingly in demand as enterprises crave greater automation to manage these transformations, particularly with the expansion of remote and distributed work.
“CIOs need to prove that if things go down, that there’s a safe way to recover rapidly and that services are maintained,” CEO Ky Nichol told VentureBeat.
The company today announced it has raised $35 million in a round led by Eldridge that included money from Index Ventures, Sussex Place Ventures, and Contour Ventures. The new investment comes 16 months after Cutover raised $17 million and brings its total funding to $55 million.
Nichol said he and the company’s cofounders were inspired to bring greater harmony between people and machines, so they set out to create a user interface that would offer greater ease of control for digital transformation projects.
“We saw lots of pain in CIOs not knowing what was going live next week, the week after, and in four weeks’ time,” Nichol said. “Often the data was in a horrible spreadsheet format.”
The Cutover platform allows teams to prepare for big events that could stress their infrastructure by staging rehearsals. Through the platform’s portal, top executives and managers can view visualizations of performance data and analyze any issues as they emerge. The platform also integrates with other SaaS platforms to include data from third-party tools and create clearer lines of communication.
As Cutover has evolved, Nichol said the company has been seeing customers use the platform for a growing number of use cases. These include managing critical software releases that have grown more complex with distributed workforces, orchestrating strategic asset transfers for banks in a timely manner, and ensuring greater operational resiliency and disaster recovery.
By integrating all these pieces of the transformation process, Nichol said enterprises can move faster and with greater confidence.
Cutover initially focused on the financial sector, but the company has since expanded into insurance and retail. The platform works across any vertical, Nichol said, but the team chose finance as a starting point to allow for greater focus at the early stages of product development.
The workplace orchestration market has been hot, and Cutover says its revenues have doubled over the year leading up to this new funding. The company grew its workforce 3 times in 2020 and will continue hiring to keep up with demand and expand engineering efforts to create new features customers are requesting.
Those potential features include increased use of APIs to allow Cutover to more easily connect to a greater range of enterprise workflows. The company also wants to integrate more DevOps tools.
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