Sun. Aug 14th, 2022

It is the claim of Incident.io co-founder and CEO Stephen Whitworth that the market for software incident management solutions is fragmented. Customer success tools don’t communicate with engineering tools, he argues, while engineering tools don’t mix well with governance, risk and compliance platforms, leaving few decision makers seeing the impact of failure in one place.

There might be something wrong Whitworth’s argument. According to a 2016 survey by Everbridge, nearly half of companies said their incident response processes rely on manual calling and contacting people. Only 11% reported using an IT alert tool, taking the time to assemble a response team to an average of half an hour.

†[I’ve had years of] experience handling incidents for complex and critical systems in multi-billion dollar companies,” Whitworth told BestFitnessBands in an email interview, “[and I’ve] witnessed the impact that incidents can have on organizations: both positive if done right, and negative for the vast majority. No one offered a solution to help them turn failure into something positive; both by accelerating reaction times to recover faster, but also by learning and becoming more resilient in the future.”

Whitworth previously worked at ride-hailing startup Hailo as a data scientist and co-launched fraud prevention company Ravelin Technology. At Mozno Bank, his most recent employer, Whitworth met Pete Hamilton and Chris Evans, who had become Incident.io’s second and third co-founders.

At Mozno, Evans had built open source tooling to move incidents through solution pipelines more efficiently, which led to the idea for Incident.io. †We noticed that other companies were either struggling with manual processes, or were investing precious engineering time building the same thing over and over, and saw an opportunity to offer customers something to buy off the shelf,” said Whitworth.

Image Credits: incident.io

With Incident.io, everything happens in Slack. Incidents are announced in a channel and trigger workflows that are updated during the mitigation and resolution process. Team members can share updates, set up links and update status pages from within the channel, as well as assign roles and engage specialists through external tools such as PagerDuty. New people who join the channel will receive an overview message and Zoom link, plus a button to subscribe to developments as they happen.

The accelerated transition to remote working as a result of the pandemic is accelerating our business: many people are no longer in the same room together, making coordination and communication more difficult during an incident,” said Whitworth. “As more people report more incidents, senior executives gain insight into every corner of the organization. They can see where reactively deployed and where the risks lie.”

Incident.io also allows users to pin important changes to the channel timeline. After resolution, the platform generates incident post-mortems – annotated with notes and tags – that can be exported to Jira in the form of follow-up actions.

“The larger the organization, the more likely things are to go wrong, be it with technical systems, people or processes.” Whitworth continued. “Lncident.io consolidates incident management in one place, allowing the entire organization to play on the same field.”

Whitworth admits that there are a number of competing products on the market, including Rootly, Jeli.io and BreachQuest. In March, the automated incident response platform Shoreline raised $35 million at an undisclosed valuation, while FireHydrant — another rival — raked in $23 million last August in a bid to accelerate its go-to-market efforts.

But with the global incident response services industry projected to be worth a staggering $10.13 billion by 2026, Whitworth is betting there are plenty of customers to go around, according to Mordor Intelligence. Incident.io counts more than 150 brands to its customer base viz.

incident.io

Image Credits: incident.io

“We are most valuable to organizations with more than 200 people, where the pain of coordinating multiple teams in incidents is felt most acutely, and organizations where there are regulations to navigate (e.g. fintechs), high uptime requirements (e.g. e-commerce) or complex operational domains (e.g. food delivery and logistics),’ said Whitworth. †[W]So far I’ve seen little impact from budget cuts or cost-cutting measures from a sales perspective, but it’s just the early days.”

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 the Chainsmokers’ Mantis VC. Combined with a previously unannounced $5.5 million seed round that closed earlier this year, Incident.io’s total revenue stands at $34.2 million.

Whitworth said the money will be spent on international expansion — most notably a first office in New York City — and Incident.io’s growing team in London to “accelerate [the] product roadmap.” The startup currently has 29 employees and expects to have around 50 by 2023.

“We wanted to be able to take bigger stakes, faster (expansion into the US, growing the team to meet product demand) and safer (having a war chest during economic downturn),” Whitworth said. “We increased this round in response to the growing demand we saw from customers.”

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