Cutover, the first enterprise-wide work orchestration and observability platform that enables seamless human and machine collaboration, today announced a $35 million Series B financing round led by Eldridge, alongside existing investors Index Ventures, Sussex Place Ventures and Contour Ventures.
Cutover has also announced that its revenues have doubled, as organizations responded to a rising need to ensure smooth collaboration and orchestration of distributed working practices across the full spectrum of applications and infrastructure. The Company’s clients have relied on Cutover to automate and orchestrate critical, timebound work across the enterprise, delivering complex releases, operational resilience and attaining constant availability of applications.
As businesses adapt to a new, faster way of working, the investment will allow Cutover, a company which has almost tripled its workforce in 2020, to build on the momentum and scale of its platform. Now, Cutover customers have a vehicle to accelerate the potential of human and machine collaboration, enabling them to plan and orchestrate critical and complex work across the enterprise in an observable way.
“The pressure on business leaders to deliver more change at a faster pace, and with more resiliency, is not new. However, the move to a distributed and remote workforce has made it ever more challenging. As a result, we are seeing digital transformation and the drive to move work from analogue to digital, rising rapidly on the C-level agenda,” said Ky Nichol, Cutover CEO. “The ability to rise to these new challenges will be determined by forging the best collaboration possible between humans and machines, and will distinguish the leading organizations of tomorrow. Cutover is proud to provide the world’s first platform capable of end-to-end, observable work orchestration, and I am excited by the direction that this Series B financing will allow us to take in driving our platform to the next level, expanding into new verticals, enhancing our product capabilities, increasing our customer service capabilities and providing the vehicle for the future of work.”
Leading organizations across financial services (including 3 of the top 5 largest U.S. banks), technology, retail and insurance are already using Cutover to release software, perform cloud migrations, enact operational resilience, respond to incidents or launch IPOs. With each use case, these customers are generating efficiency, visibility and control together with a comprehensive audit trail.
“Cutover’s unique ability to enable organizations to accelerate their digital strategies with confidence drove our interest in leading this financing round,” said Michele Trogni, Operating Partner, Eldridge. “When I think of the strategic problems organizations are trying to solve across financial services, technology and wider, Cutover is the missing link, systematically providing the orchestration to move faster together with the audit trail and observability to steer and control. What I like the most is being able to see where our deliverables are across the business and diagnose the root cause of success and failure, and I think that is a game-changer for the challenges businesses face today. I’m thankful to have the opportunity to support many world leading enterprises via Cutover to move faster, transform and better support their customers.”
“There comes a point in every organization, when no one person or a team of people can effectively and flawlessly manage the thousands of individual steps across humans and machines involved in coordinating release and resilience events across the enterprise to deliver strategic goals,” said Carlos Gonzales Cadenas, Partner, Index Ventures. “With each layer of complexity, the need for a solution such as Cutover, rises. Cutover seamlessly, and at pace, orchestrates and automates processes that involve multiple parties, often hundreds of employees, and numerous technologies. We are excited to extend our partnership with Cutover with this round and support them in their next stage of growth.”
In the coming year, Cutover will look to double its investment and capacity in engineering and product, building an evolving platform best suited to the rapid pace of change prevalent in today’s economic environment. Areas of focus include incident response and operational risk, providing increasing open API connectivity to allow customers to easily incorporate Cutover into wider workflows and enhancing its integrations to DevOps tooling.
This growth trajectory includes investment in continued hiring and launching strategies to nurture a diverse, inclusive and equitable culture, building on an inspired team with rich experience across technology and the enterprise. Currently focused in the financial services industry, Cutover will expand its expertise and use cases into the technology vertical as 2021 progresses, focusing on sales, customer success, solution delivery and the partner ecosystem.
Cutover is an Advanced Technology Partner and ISV to AWS, and works with an extensive partner ecosystem including Deloitte, Accenture and CSTechnology. The Company was listed in Deloitte’s 2020 UK Fast50 Fastest Growing Technology companies, and continues to scale with the needs of enterprise clients and industry mandates. In November 2019, Cutover raised $17 million in a Series A funding round led by Index Ventures, with participation from Barclays Bank, Sussex Place Ventures, Contour Ventures, Partnership Fund for New York and Outrun Ventures.