- Cloud-enabled work orchestration and observability platform Cutover announced it raised $17 million in Series A funding led by Index Ventures
Cutover — a cloud-enabled work orchestration and observability platform — announced it raised $17 million in Series A funding led by Index Ventures. Sussex Place Ventures, Contour Ventures, Partnership Fund for New York, and Outrun Ventures also joined the round.
Cutover’s platform is part of a new emerging category of tools that are helping humans and machines collaborate more effectively. And Cutover customers are solving the work orchestration and observability gap while moving quickly with confidence.
This investment will advance Cutover’s commitment to helping enterprises more effectively orchestrate humans and technology at pace. Plus Cutover’s funding will be used to sharpen its client engagement, strengthen its sales organization, broaden its market reach, and enhance the existing platform.
“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 have helped Barclays upgrade core systems, run resilience tests on data centers, migrate platforms, and enact structural reforms – all while reducing risk.
“Cutover is a graduate of our accelerator program and from that has become adopted across the bank,” added 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.”
Now Cutover is used in over 14 global financial services companies, including two of the top three U.S. banks by size. And Cutover helped several investment banks orchestrate many of 2019’s biggest tech IPOs to ensure operational readiness.
Cutover has spent 4 years hardening the platform on some of the most complex technology change-related client use cases, including splitting up major banks to meet regulation, supporting huge corporate mergers, and enabling the migration to cloud. And organizations now use Cutover for wider areas than just change whether it is moving to the cloud, system validation, or preparing for an IPO.
Cutover helps organizations with the continuous transformation to plan, execute, and analyze hundreds of thousands of technology changes per year for functions within an enterprise. And the company provides cross-functional visibility, oversight, and management of change. Plus Cutover is managing big technology changes relating to a series of critical events including migration to the cloud, data center migration, and transformation programs. It is also capable of automation to respond, recover, and test resilience into a capability and recover quickly when things go wrong. The platform also has operational readiness, which gives teams dynamic process orchestration for critical sets of work like market readiness, IPOs, 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,” explained 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.”
Cutover’s team come from fast-moving change environments, including working with space agencies, the Olympic Games, and complex telco mergers. Even 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, etc.
“Cutover sits at the heart of the most important enterprise IT trends today,” commented Ari Helgason of 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.”
