Incident.io is looking to strengthen its Slack-based incident response platform with $28.7M in cash.

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it Incident.io Claim by co-founder and CEO Stephen Whitworth that there is fragmentation in the market for software incident management solutions. He argues that customer success tools do not interact with design tools, while design tools do not interact well with governance, risk management, and compliance platforms, resulting in few decision makers seeing the impact of failures in one place.

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Could there be something Whitworth argument. Based on 2016 data interview Nearly half of companies said their incident response processes rely on manual calls and human contact, according to Everbridge. Only 11% reported using the IT alert tool, which increased the response team’s meeting time to an average of half an hour.

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“[I’ve had years of] have experience handling incidents for complex and critical systems in multi-billion dollar companies,” Whitworth told TechCrunch in an email interview, “[and I’ve] witnessed the impact of incidents on organizations, both positive when done right and negative for the vast majority. No one came up with a solution that would help them turn failure into positive; both by reducing response times for faster recovery, and by learning and improving future resilience.”

Whitworth previously worked at startup Hailo as a data scientist and was a founding member of fraud prevention firm Ravelin Technology. At Mozno Bank, his last employer, Whitworth met Pete Hamilton and Chris Evans, who became the second and third co-founders of Incident.io.

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While at Mozno, Evans created an open source toolkit to help incidents move more efficiently through resolution pipelines, which inspired the idea for Incident.io. “We noticed that other companies were either struggling with the manual process or wasting precious engineering time building the same thing over and over again, and saw an opportunity to provide customers with something they could buy off the shelf,” Whitworth said.

Image credits: Incident.io

With Incident.io, everything happens in Slack. Incidents are announced in a channel and trigger workflows that are updated throughout the mitigation and resolution process. Team members can share updates, set links, and update status pages from within a channel, as well as assign roles and call out specialists using external tools such as PagerDuty. New people who join the channel receive a summary post and a link to Zoom, as well as a button to subscribe to events as they become available.

The accelerated transition to remote work caused by the pandemic has accelerated our business with many people no longer sitting together in the same room, making it difficult to coordinate and communicate during an incident,” Whitworth said. “As more people report more incidents, senior management is gaining insight into every corner of the organization. They can see where the reactive effort is being wasted and where the risks are.”

Incident.io also allows users to pin important changes to a channel’s timeline. Once resolved, the platform generates annotated and tagged incident post-mortems that can be exported to Jira as follow-ups.

“The larger the organization, the more likely it is that something will go wrong, whether it be technical systems, people, or processes.” Whitworth continued. “Incident.io brings incident management together in one place, allowing the entire organization to play on the same playing field.”

Whitworth acknowledges that there are a number of competing products on the market, including Root, Jeli.ioas well as BreachQuest. In March, an automated incident response platform Coastline raised $35 million at an undisclosed valuation while Fire hydrant — another competitor — received $23 million last August in an attempt to speed up its go-to-market efforts.

But given that the global incident response services sector will be worth $10.13 billion by 2026, according According to Mordor Intelligence, Whitworth is betting that there will be many clients. Incident.io has over 150 brands among its customer base viz.

Incident.io

Image credits: Incident.io

“We are most valuable to organizations of more than 200 people, where the pain of coordination between multiple teams in incidents is felt most acutely, and organizations where there is regulation for navigation (such as fintech), high uptime requirements (such as e-commerce), or complex operational areas (such as food delivery and logistics),” Whitworth said. “[W]So far, we haven’t seen a big impact of any budget cuts or cost cutting measures in terms of sales, but this is just the beginning.”

Investors seem to agree. Incident.io today announced that it has raised $28.7 million in a Series A round led by Index Ventures featuring Point Nine, Instagram co-founder Mike Krieger and Mantis VC from Chainsmokers. Together with a previously unannounced $5.5 million seed round that closed earlier this year, Incident.io’s total fundraising comes to $34.2 million.

Whitworth said the money will be used to expand internationally — specifically opening the first office in New York — and growing the Incident.io London team to “accelerate [the] product roadmap. The startup currently has 29 employees and is expected to have around 50 by 2023.

“We wanted to be able to bet bigger, faster (expanding in the US, growing the team to meet product demand) and more secure (have a reserve in case of an economic downturn),” Whitworth said. “We raised this round in response to growing demand from customers.”


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