Incident.io raises $62M at a $400M valuation to help IT teams move fast when things break

Summary

In the world of tech, some might argue that the term of the decade is AI, but in the bigger scheme of things, beyond this single sector, the most important word may well be “resilience.” How well prepared are people, organizations, and countries for unforeseen, negative economic, geopolitical, social, and environmental developments? It’s a question that’s triggering a lot of scrambling in search of answers. This existential crisis is also playing out in the world of tech. We’re more reliant than ever before on services working — on uptime, in other words — and downtime may speak to bigger crises than your email not sending. Seizing on that demand in the market, on Thursday, the eponymous startup Incident.io, which has built an all-in-one, AI-based platform to help speed up incident management and response in the fragmented world of IT, announced $62 million in financing. Incident.io is based in London with operations also in San Francisco, and it plans to use the new money for hiring, sales, and marketing across both regions. Insight Partners is leading the Series B with previous backers Index and Point Nine also participating. (Index led the startup’s $28.7 million Series A in July 2022). With this latest round, Incident.io has now raised just over $96 million. The startup is not disclosing valuation, but sources close to the deal tell me it’s in the region of $400 million. Incident.io had a valuation of around $300 million roughly three years ago, the sources say. Other high-profile investors in the startup include Mike Krieger and The Chainsmokers’ Mantis VC. Stephen Whitworth (CEO) Pete (CTO) and Chris Evans (CPO) co-founded incident.io after working together at fintech Monzo. There the three helped build pipelines from the ground up, based on open-source tooling, to track the performance of the company’s internal and customer-facing services and to help Monzo better respond when something went wrong. They could see that their pain points for identifying and tra...