12 November 2019, India:
Cutover has raised $17 million in Series A round of funding. The funding round was led by Index Ventures.
Sussex Place Ventures, Contour Ventures, Partnership Fund for New York, and Outrun Ventures also participated in the funding round.
The company will use the fresh funds to sharpen it’s client engagement, strengthen its sales organization, broaden its market reach and enhance the existing platform.
Ari Helgason will join Cutover’s Board of Directors
Ky Nichol, CEO, Cutover said, “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.”
Ky Nichol, added, “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.”
John Stecher, Group CTO and Chief Innovation Officer at Barclays, said, “Cutover is a graduate of our accelerator program and from that has become adopted across the bank,.”
John Stecher, added, “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.”
Maria Gotsch, President and CEO of the Partnership Fund for New York City, said, “The need to improve change management resonated with the financial institutions in our FinTech Innovation Lab, who selected Cutover for the 2018 class. 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.”
Ari Helgason, with Index Ventures, said, “Cutover sits at the heart of the most important enterprise IT trends today. 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.”
(Image – Cutover)