Xurrent Secures $1.65M Seed Investment
Palo Alto, California, February 21, 2018 – Xurrent, a startup dedicated to improving the success of selective outsourcing, has secured $1.65 million in seed funding from Storm Ventures.
Xurrent was founded by a team of service management experts to help organizations stay in control of the services they outsource to managed service providers. In 2017, this startup was accepted into Alchemist Accelerator, the top program specialized in enterprise SaaS startups. Since then, Xurrent has drawn much attention for its unique focus on enabling outsourcing.
“Organizations are selectively outsourcing more and more services that were historically provided by teams within their IT, HR and Finance departments,” said Cor Winkler Prins, CEO and co-founder of Xurrent. “They need a solution that provides real-time information about the performance of their managed service providers, and these providers need a more efficient way to collaborate with their customers. The number of services that companies combine to support their core business continues to grow. It is already normal that the IT support organization of an enterprise is responsible for more than 100 services. There is no way they can hire and retain the expertise needed to support all these different services, so they selectively outsource. Xurrent helps them control this complexity.”
As organizations go through their digital transformation, their employees expect to be able to obtain support whenever they get stuck. Whether they have a question about their pay stub, need help with an IT issue, or have a contract that needs to be reviewed by legal, they should be able to get the support directly from their smartphone. Their requests should automatically be routed to the responsible service provider, which can be a team within the organization or an external service provider.
“Xurrent is the first enterprise service management tool built specifically to support SIAM, the Service Integration and Management approach that is rapidly gaining in popularity,” said Arun Penmetsa, Partner at Storm Ventures. “It addresses the need that organizations have to manage multiple levels of service providers (their local support departments, their regional shared service centers and their managed service providers). They need to present them as one business-facing support organization. And with Xurrent they can continuously optimize the growing share of the budget that is allocated to outsourcing.”
The Palo Alto-based company has already been delivering value to enterprise customers and their managed service providers since 2012. The new financing will be used to accelerate its growth, primarily in the U.S. and
About Storm Ventures
Storm Ventures is a Silicon Valley based VC firm focused on building enterprise leaders as the first or early investor. Storm’s current enterprise software investments include Algolia, AtScale, Digital Shadows, Engagio, Guidespark, MobileIron, Pipedrive, SourceClear, Swiftstack, and Talkdesk. For more information visit: www.stormventures.com.
About Xurrent
Xurrent, Inc. is the provider of Xurrent, a SaaS service management solution that allows large enterprises to collaborate seamlessly with their managed service providers, while gaining real-time insight into the level of service they receive. Founded in 2010, Xurrent is headquartered in Palo Alto, California. For more information visit: www.Xurrent.com.