Cutover Raises $17 Million to Accelerate Enterprise Transformation and Operational Excellence
The investment gives Cutover, the work orchestration and observability platform, capital to grow its business and help more organizations around the world
NEW YORK, Nov. 12, 2019 /PRNewswire/ -- Cutover, a cloud-enabled work orchestration and observability platform, announced today it has secured $17 million in Series A funding led by Index Ventures. The new investment advances Cutover's commitment to help enterprises succeed in transformation and operational excellence by more effectively orchestrating humans and technology at pace.
Cutover's platform is part of a new emerging category of tools that are helping humans and machines to collaborate more effectively. With Cutover, clients are solving the work orchestration and observability gap and moving quickly with confidence.
"This new category of work orchestration and observability helps turn complex sets of human and machine activities into well-orchestrated, repeatable flows of activity, enabling teams to go faster while causing less customer-facing incidents," said Ky Nichol, CEO of Cutover. "It's hard to see what's going on across these sets of work because they're in the dark matter of the enterprise. Cutover fills the important gap of enabling organizations to manage these dynamic flows of work and to get structured, informative data to enable optimization."
Cutover's work orchestration and observability platform helped Barclays upgrade core systems, run resilience tests on data centers, migrate platforms and enact structural reforms – all while significantly reducing risk.
"Cutover is a graduate of our accelerator program and from that has become adopted across the bank," said John Stecher, Group CTO and Chief Innovation Officer at Barclays. "Cutover helps us to go faster on change and safeguard customer-facing operations in a range of use cases, from supporting our cloud migration to enabling an effective service recovery capability."
Led by Index Ventures, with participation from Sussex Place Ventures, Contour Ventures, Partnership Fund for New York, and Outrun Ventures, Cutover's investment will be used to sharpen its client engagement, strengthen its sales organization, broaden its market reach and enhance the existing platform.
Cutover is now used in over 14 global financial services companies—including two of the top three U.S. banks by size—and helped several investment banks orchestrate many of 2019's biggest tech IPOs to ensure operational readiness.
The company has spent four years hardening the platform on some of the most complex technology change-related client use cases: splitting up major banks to meet regulation, supporting huge corporate mergers and enabling the migration to cloud. Organizations now use Cutover for wider areas than just change. Whether it's moving to the cloud, system validation or preparing for an IPO, Cutover helps organizations manage change, reduce risk and enable operational stability.
Specifically, Cutover helps organizations with:
- Continuous transformation to plan, execute and analyze hundreds of thousands of technology changes per year for functions within an enterprise, and providing cross-functional visibility, oversight and management of change.
- Managing big technology changes relating to a series of critical events including migration to cloud, data center migration and transformation programs.
- Resilience automation to respond, recover and test resilience into a capability and recover quickly when things go wrong.
- Operational readiness which gives teams dynamic process orchestration for critical sets of work such as market readiness, IPO's and system validation.
"The need to improve change management resonated with the financial institutions in our FinTech Innovation Lab, who selected Cutover for the 2018 class," said Maria Gotsch, President and CEO of the Partnership Fund for New York City. "Cutover was able to quickly convert their discussions during the Lab into paying customers, given their technology addresses a real issue and delivers value. We're excited that Cutover is expanding their New York City office as part of this raise."
The Cutover team comes from complex, fast-moving change environments including working with space agencies, the Olympic Games and complex telco mergers. Though the company began its focus on financial services as an initial market to train the platform on complex use cases at scale, the platform is applicable in all verticals and has been used in pharma, retail, hospitality and more.
"Cutover sits at the heart of the most important enterprise IT trends today," said Ari Helgason, with Index Ventures, who is also joining Cutover's Board of Directors. "Orchestration between different teams and technologies is the key to the successful execution of large projects. Cutover's platform solves a key pain point that is at the top of most CIOs' agendas."
About Cutover
Cutover, the leader in work orchestration and observability, is the only platform that provides full organizational visibility into dynamic flows of work, bringing them out of the dark matter of the enterprise to enable teams to move quickly with confidence. Cutover eliminates outdated approaches like static-spreadsheets and weekend calls so teams can accomplish the work quickly and effectively—without the headache. Cutover's solution helps enterprises more effectively plan, orchestrate and audit the human and automated activities that drive critical events, such as technology releases, resilience testing, operational readiness and major incident recovery. For more information on Cutover, visit https://cutover.com and follow them on Twitter, LinkedIn, YouTube and Instagram.
Media Contact: Alexea Candreva, acandreva@sspr.com
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