xtype Raises $21M from Norwest Venture Partners and ServiceNow Ventures to Fuel Innovation on the ServiceNow Platform
- xtype has attracted the attention of global investors due to the success of its innovative multi-instance management platform, helping enterprise customers scale their ServiceNow investments.
- The new funding will support xtype's mission to help companies globally expand their ServiceNow operations.
- This round also included participation from returning investors Columbia Capital, Inner Loop Capital, and SaaS Ventures.
COVINA, Calif., Oct. 1, 2024 /CNW/ -- xtype, the leading software company for multi-instance management on the ServiceNow platform, today announced it had raised a $21 million Series A funding round led by Norwest Venture Partners, with participation from ServiceNow Ventures and existing investors including Columbia Capital and Inner Loop Capital. This milestone marks a significant leap forward in xtype's mission to revolutionize how organizations manage their ServiceNow environments.
With this new capital infusion, xtype will scale its cutting-edge platform, providing organizations with unmatched real-time visibility, governance, and automation for their ServiceNow instances across development, testing, and production.
The funding will also fuel the expansion of xtype's presence globally, ensuring more businesses can take complete control of their ServiceNow environments quickly and precisely.
"We are excited to have the support of such esteemed partners in both the tech and venture capital sectors. Their belief in our vision validates our approach and accelerates our mission to redefine multi-instance management for the ServiceNow platform," said Ron Gidron, CEO and co-founder of xtype. "This funding validates our vision that multi-instance management is key to helping customers achieve as much value as possible from the ServiceNow platform. Our platform empowers teams to accelerate innovation, remain compliant, and increase productivity by gaining real-time insights into their entire ServiceNow ecosystem while automating complex processes to reduce risk and improve productivity."
Driving Innovation with Multi-Instance Management
The growing complexity of managing multiple instances has become a critical challenge for mid and large enterprises. As organizations scale, managing version control, update sets, and synchronization across development, testing, and production environments become labor-intensive and error-prone. xtype's platform solves this problem by offering comprehensive visibility into instance differences, automated synchronization, and governance tools that ensure secure and compliant operations at every stage.
"As a stand-out tool on the ServiceNow platform, xtype delivers immediate ROI through enhanced governance, increased team capacity and release velocity, improved quality and backlog reduction. These strengths have attracted a growing number of Fortune 500 companies to adopt xtype," said Dave Zilberman, general partner at Norwest Venture Partners. "But it's not only the product that is exceptional. The experienced xtype team brings a clear vision for excelling in a large and rapidly growing market. We look forward to working with xtype as they continue to deliver streamlined ServiceNow experiences and captivate new audiences."
ServiceNow World Forum in Dallas, October 8th
To showcase the latest advancements in instance management, xtype invites customers and partners to join them at the ServiceNow World Forum in Dallas, Texas on October 8. Attendees will be able to see firsthand how xtype drives the future of multi-instance management, with live demos, on-stage presentations, and in-depth discussions on improving visibility, governance, and automation for their ServiceNow environments.
"ServiceNow Ventures is proud to support xtype as the company continues to empower customers to derive as much value as possible from their ServiceNow investment," said Victor Chang, Vice President of ServiceNow Ventures. "xtype has a deep understanding of the ServiceNow community and differentiated ability to deliver the capabilities they need most - from reducing time to value to improving governance across instances. We look forward to seeing their continued impact."
About xtype
Founded in 2020, xtype is the leading provider of multi-instance management for ServiceNow platform teams, providing real-time visibility, governance, and automation capabilities to simplify and accelerate delivery and compliance on the ServiceNow platform. Trusted by global enterprises in banking, insurance, healthcare, and beyond, xtype empowers teams to innovate faster, ensuring compliance and reducing operational risk.
About Norwest Venture Partners
Norwest Venture Partners is a global venture and growth equity investment firm managing more than $15.5 billion in capital. Since its inception, Norwest has invested in more than 700 companies and currently partners with more than 230 companies in its venture and growth equity portfolio. The firm invests in early- to late-stage businesses across key sectors, focusing on enterprise, consumer, and healthcare. The Norwest team offers a deep network of connections, extensive operating experience, and a wide range of impactful services to help CEOs and founders scale their businesses. Norwest has offices in Menlo Park and San Francisco, Calif.; Mumbai, India; and Tel Aviv, Israel. For more information, please visit www.nvp.com.
About Columbia Capital
Columbia Capital is a venture capital firm based in Alexandria, VA. Since 1989, the Columbia Capital team has invested in digital infrastructure, enterprise technology, and mobility, raising $7.1B in fund commitments. Columbia Capital has developed a profitable and repeatable investment model, guided by a specialized and experienced team, and invested in over 175 portfolio companies, many of which have redefined or created new industries.
About Inner Loop Capital
Inner Loop Capital is a pre-seed and seed venture capital firm investing at the intersection of Infrastructure Software and AI. Inner Loop invests in "AI for Infra" (AI innovations for Cybersecurity, Cloud, and other Infrastructure Software) and "Infra for AI" (new infrastructure layers needed for the ubiquitous deployment of AI). Inner Loop is managed by solo VC Justin Label, is based in Baltimore, MD, and invests throughout North America and abroad. Founded in 2019, Inner Loop is currently investing out of a Fund II. For more information, please visit innerloopcap.com.
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