ServiceNow is the go-to platform for thousands of organizations seeking to simplify and enhance their IT operations. However, many enterprises that scale their businesses on the ServiceNow platform can run up against operational overhead when managing a ServiceNow deployment with multiple instances.
xtype has developed a solution to address this challenge, aiming to help thousands of enterprises streamline multi-instance management in their ServiceNow environments.
Norwest is proud to announce that we are leading a Series A funding round for xtype to help them scale their platform. The investment continues our theme of backing companies that help organizations stay ahead of IT operational complexity, following investments in portfolio companies such as Harness and Aisera.
The Challenge of Managing IT Complexity
ServiceNow continually adds new capabilities to its platform. To keep up, customers need to monitor and respond to a stream of changes in all their ServiceNow instances. As the environment grows, the process can become more difficult. Over time, customers need to bring on additional resources, including both tools and services.
Users we interviewed raised issues around maintaining code quality, development velocity, growing backlogs, and cloning-related complications, all tied to the desire for improved multi-instance visibility and isolated workflows.
As the number of use cases and the resulting complexity of ServiceNow environments increases, so does the need for a management solution. Which is exactly what xtype provides.
Meeting the Challenges of Multi-Instance Management
The xtype platform operates as an API-integrated app within ServiceNow, not an external solution. It manages multiple instances concurrently, dramatically simplifying core processes such as cloning and updates within the platform.
The core benefits of xtype include enhanced visibility of multiple instances, strengthened governance and compliance, and automation of time-consuming manual functions. Users see immediate ROI through enhanced productivity, speedier release of new features or versions, improved quality, and reductions in the backlog of IT projects.
One customer told us that xtype was saving the company $2 million a year in labor alone. Another said his organization used to have an average of six incident reports a month, each costing around $15,000. The goal with xtype was to reduce that number by 10 percent, but the number dropped to zero.
Why Norwest Partnered with xtype
Here are just a few of the reasons we are bullish on the prospects for xtype:
- A large, growing market with demand for complementary solutions – The ServiceNow customer base, already large, continues to grow. And there is an almost universal need for multi-instance management support. The more enterprises use ServiceNow, the greater the demand for what xtype offers.
- Solid product-market fit – Our conversations with customers and other parties in the ServiceNow ecosystem confirm that xtype provides a broad-based solution to the challenges of multi-instance management, delivering immediate and quantifiable
- An experienced, cohesive leadership team – CEO Ron Gidron, CTO Peter Szulman, and Chief Evangelist Tobi Stanzel have been close collaborators for more than a decade and have built an outstanding organization that is executing on their vision. This team is well positioned to capitalize on the massive opportunity in the space.
We are heartened to have ServiceNow Ventures participate in this round as well. They also see the potential xtype has to help their customers realize the full value of the ServiceNow platform. We look forward to partnering with the xtype team as they deliver ever-greater value to the dynamic ServiceNow ecosystem.
