Subjects: FNC, ACC, VEN
xtype hits $10.8 million In Funding, Amplifying Its Impact In The ServiceNow Market Amidst Soaring Demand
The startup has seen accelerated growth with major enterprise deals with a number of global enterprises across healthcare, financial services and manufacturing, including Zurich Insurance and Heineken.
COVINA, Calif., Oct. 24, 2023 /PRNewswire/ -- xtype, the agile software delivery company, today announced that it has secured additional funding following a stellar year of growth in the business, having achieved 4x revenue growth over the last 14 months and a significantly increased market presence. This round was led by Columbia Capital and Innerloop Capital, and saw participation from SaaS Ventures and other investors. Specializing in enterprise clients using ServiceNow, xtype will use the new funding to meet increased demand and expand product development.
With 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 comes at a time when large enterprises, who rely heavily 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. Zurich Insurance and Heineken are two such organizations currently working with xtype to further develop their IT processes and applications in real time. While investors are continuing to tread cautiously in the current market, xtype's fundraise 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 will 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. With proven fit and momentum in the ServiceNow ecosystem, xtype is poised to further scale its business and team. The new capital will expand the startup's ability to drive innovation and meet the needs of large global enterprises relying on ServiceNow. This also 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.
In 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 Viewtm in the ServiceNow app store
- Attracting major enterprises across industry verticals including such as Zurich Insurance, Heineken, major banks and healthcare providers amongst others as customers.
- Increased employee headcount with strategic investments in go to market and engineering
Ron Gidron, co-founder and CEO of xtype said: "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."
Justin Label, Managing Director of Innerloop Capital agreed, saying: "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."
Collin Gutman, Managing Partner of SaaS Ventures, said: "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."
The latest fundraising round will bring the total to $10.8 million. xtype is looking to take advantage of the significant potential for growth as the ServiceNow ecosystem has over 7,000 leading enterprises relying on the platform for their software deployments.
xtype is a proud sponsor of the upcoming ServiceNow World Forum events in Dallas and New York, and will be in attendance at all starting on the 25th October at booth E9 in Dallas.
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About xtype
Founded in 2020, xtype is a venture-backed startup reimagining the agile software delivery approach on the ServiceNow platform. The company offers an off-the-shelf option for customers to meet any level of demand on the ServiceNow platform and drive improved business outcomes at scale. xtype achieves this through its ServiceNow-native applications, enabling enterprises to expedite ServiceNow delivery and get more out of their ServiceNow investment - faster. To date, xtype has worked with organizations such as Zurich Insurance and Heineken, as well as large international banks and technology companies globally.
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SOURCE xtype
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