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Value stream management (VSM) platform Tasktop today announced that it raised $100 million, bringing its total raised to over $129 million. The company says it plans to use the funding to accelerate growth while expanding the size of its customer base.
As traditional businesses pour billions into digital transformation initiatives, they often struggle with the complexity of the teams, tools, and metrics at the core of those investments. Technical leaders deeply understand the software development process and business leaders know the investment strategies, but the two aren’t always aligned. In a study, Geneca found that 75% of executives surveyed admitted that their projects were either “always” or “usually” doomed right from the start.
Vancouver, Canada-based Tasktop, which was founded in 2007, offers a VSM platform designed to reduce time to market and increase the velocity of software development. Sitting above the software development toolchain, Tasktop integrates with software development tools like Jira Software, ServiceNow, Azure DevOps, and more to allow organizations to see potential blockers.
VSM was born out of the frustration that most enterprises aren’t adequately adaptive. According to Forrester, only 16% say that they can release software more than once a month. For Tasktop’s part, the company asserts that VSM allows organizations to break down silos as well as identify and remove bottlenecks, eliminate waste, and accelerate delivery.
Tasktop’s platform overlays the value stream to provide abstractions, visualizations, and diagnostics that measure all types of software delivery work. Connectors let customers send work between different dev tools, eliminating duplicate data entry and automating traceability. And Tasktop’s testing regimen runs 500,000 tests daily over 300 tool versions to ensure they work properly, handling tooling and API changes to minimize outages and delays.
Coinciding with the new funding, Tasktop this morning launched a dashboard within its Tasktop Viz product — VSM Portfolio Insights — that rolls up analytics generated at the individual product value stream level to the executive plane. The dashboard presents consolidated insights into the performance, quality, value, and impact of delivery, including:
- The progress of the shift from project to product-based IT
- The ability to respond rapidly to the market
- The business processes capable of acceleration
- The value creation and value protection areas currently lacking appropriate
Since the birth of VSM, the market category has grown exponentially compared with the longer-tail development of agile and DevOps. The expansion speaks for itself with players like ServiceNow, IBM, Digital.ai, and of course Tasktop joining the fray. Last December, Tasktop announced record year-over-year growth with a 30% uptick in both revenue and customers. The company now claims to serve leading brands, including over half of the Fortune 100.
Sumeru Equity Partners led Tasktop’s latest funding round, a strategic investment. Management and existing investors also participated.
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