Agile software delivery company xtype recently announced that it had secured additional funding following a stellar year of growth in the business, having achieved four times revenue growth over the last 14 months and a significantly increased market presence. Columbia Capital and Innerloop Capital led this funding round, and it saw participation from SaaS Ventures and other investors. Specializing in enterprise clients using ServiceNow, xtype will be able to use the new funding round to meet increased demand and expand product development.
Through xtype, enterprises can supercharge its ServiceNow Center of Excellence and Innovation (CoEI), redefining the parameters for enterprises to accelerate their rate of innovation on the ServiceNow platform and finally be able to meet and exceed enterprise demand for new digital transformation workflows and applications.
The funding round comes at a time when large enterprises – who rely on ServiceNow to drive digital transformation and business workflows, are turning to xtype to augment the built-in capabilities of the platform with platform engineering capabilities to realize the full potential of the platform. And Zurich Insurance and Heineken are two organizations currently working with xtype to further develop their IT processes and applications in real-time. As investors continue to tread cautiously in the current market, xtype’s funding round highlights investor confidence in its product-market fit and exceptional ability to achieve exactly what it sets out to do – solve the clear problem of its customers in unleashing the enormous capabilities of ServiceNow.
xtype’s latest funding round is going to provide fuel for the next stage of growth, enabling wider adoption of its technology in enterprise accounts, expanded technical support capabilities, and investment in additional product capabilities. And with proven fit and momentum in the ServiceNow ecosystem, xtype is poised to scale its business and team further. The new capital will expand the startup’s ability to drive innovation and meet the needs of large global enterprises relying on ServiceNow. This includes enhancing its core product and solving more of the unique pains of customers, such as growing backlogs of undeployed updates, off-hour work to meet deadlines, and an inability to innovate at the pace demanded by the business.
Over the last year, xtype has recorded major milestones that have further validated its place in the ServiceNow ecosystem, including:
— Over 75,000 deployments by customers using its product
— Hundreds of downloads of xtype View in the ServiceNow app store
— Attracting major enterprises across industry verticals such as Zurich Insurance, Heineken, major banks, and healthcare providers as customers.
— Increased employee headcount with strategic investments in go-to-market and engineering
The latest funding round will bring the total to $10.8 million. And xtype is looking to take advantage of the significant potential for growth as the ServiceNow ecosystem has more than 7,000 leading enterprises relying on the platform for their software deployments.
KEY QUOTES:
“We are thrilled to announce that xtype has secured additional funding, a resounding endorsement of our game-changing solutions in the ServiceNow ecosystem. This investment not only reaffirms our market leadership but also underlines the immense confidence our investor community places in us. As we continue to revolutionize enterprise software solutions, this financial backing empowers us to accelerate our innovation, scale our reach, and continue delivering unparalleled value to our clients.”
— Ron Gidron, co-founder and CEO of xtype
“xtype has seen tremendous growth over the past year, and the expansion of its enterprise customer base to include industry leaders made us extremely confident in the trajectory they are taking. With this, we are eager to support the next stage of growth for the company and invest further into its unique product offering.”
— Justin Label, Managing Director of Innerloop Capital
“We saw that ServiceNow’s customers all have a large need, which xtype fills perfectly. The scope of the problem xtype solves is matched only by the quality of its team.”
— Collin Gutman, Managing Partner of SaaS Ventures
