Incident.io secures $62M funding at $400M valuation to aid IT teams during critical outages

In the tech world, many would consider "AI" the defining term of the decade. However, from a broader perspective beyond this single industry, the most significant concept might be "resilience." How well are individuals, organizations, and nations prepared for unforeseen negative shifts in the economy, geopolitics, society, and the environment? This critical question is prompting a widespread search for effective solutions.

This fundamental challenge is equally present in the technology sector. Our dependence on continuous, reliable service—on uptime—has never been greater. When systems go down, the consequences often extend far beyond a simple email delivery failure.

Addressing this clear market need, the startup Incident.io announced $62 million in funding on Thursday. The company has developed an integrated, AI-powered platform designed to streamline and accelerate incident management and response within the often fragmented IT landscape.

Headquartered in London with a presence in San Francisco, Incident.io will use the new capital to expand hiring, sales, and marketing efforts in both regions.

Insight Partners is leading this Series B round, with participation from existing investors Index Ventures and Point Nine Capital. (Index led the startup's $28.7 million Series A in July 2022.) This latest investment brings Incident.io's total funding to just over $96 million.

The startup has not publicly disclosed its valuation, but sources familiar with the deal indicate it is approximately $400 million. These same sources note that the company was valued at around $300 million roughly three years ago.

Incident.io was co-founded by Stephen Whitworth (CEO), Pete Hamilton (CTO), and Chris Evans (CPO), who previously collaborated at the fintech company Monzo. There, the trio built internal pipelines from the ground up using open-source tools to monitor the performance of both internal and customer-facing services, improving the company's response when issues arose.

They recognized that the challenges of identifying and tracking incidents were common across many digital organizations. This insight led them to build a platform to address these pain points for the wider industry.

The company's motto, "Move fast when you break things," is both witty and fitting for modern organizations.

Today, even the smallest businesses rely on a complex array of digital tools and varied architectures. A minor update to just one of these tools can sometimes cause glitches that bring down entire systems.

Incident.io primarily serves organizations with user bases exceeding 200 people, which often translates to thousands of employees. These environments typically involve dozens or even hundreds of interconnected apps, microservices, and other functions.

"The larger the organization, the more opportunities there are for things to go wrong, whether due to technical systems, people, or processes," Whitworth explained in a 2022 interview with TechCrunch.

Incident.io has experienced significant growth. Its current client roster includes companies like Netflix, Linear, Ramp, and Etsy. Whitworth told TechCrunch that approximately three-quarters of its new clients are based in the U.S., and its customer base has tripled in the last 12 months. Since its founding in 2021, the platform has managed responses and alerts for about 250,000 incidents.

The startup has also expanded its product suite. It initially gained traction by building its primary user interface within Slack. While Whitworth acknowledged this was "a great place to start," he noted that "Slack skews to mostly tech companies." As the company expanded its target market to other sectors, it added support for Microsoft Teams and developed its own customized dashboard, which Whitworth describes as "a compatriot to chat."

This dashboard offers the most comprehensive functionality for tracking resolutions and more. However, Whitworth confirmed that Incident.io will always maintain a presence in third-party chat apps. "When things go wrong, people jump into chat, even more and more now," he said.

The product's functionality has also evolved. While "reliability and resilience" remain the core use cases, typically introduced by infrastructure teams and used by engineers or data specialists, Incident.io has recently seen increased adoption by security teams as well. (Whitworth noted that the company does not currently offer remediation or other dedicated security products, nor does it integrate with them, but there are plans to do so in the future.)

In March, the startup launched a product called On Call to manage how team members are alerted during the incident triage process, a space where it directly competes with PagerDuty. Whitworth stated that about 70% of Incident.io's customers now use this feature. The company aims to reduce fragmentation across all levels of IT, specifically within the incident response domain.

More recently, Incident.io has begun integrating AI more deeply throughout its platform in several key areas.

"Typically, when an incident begins, many people jump on a Zoom call to discuss it," Whitworth said, leaving "a poor human" to transcribe the discussion and identify action items. The company now offers an AI "copilot" to handle this work and can also send requests to services like Datadog to help diagnose potential code-related issues.

Over time, the vision is to enhance this AI capability to eventually include remediation tasks.

This combination of a solid existing business and a promising product roadmap is what attracted the latest investment in Incident.io.

"Incident.io is building a product that engineers love and organizations rely on to minimize downtime and maximize productivity," said Thomas Krane, Managing Director at Insight Partners, in a statement. "By pioneering AI agents that collaborate with engineers to resolve incidents, they're not just modernizing incident response but reinventing it for a world where AI isn't just writing code; it's keeping it running."

Other notable investors in Incident.io include Instagram co-founder and Anthropic CPO Mike Krieger, as well as The Chainsmokers' venture capital fund, Mantis VC.