SAN FRANCISCO, Nov. 08, 2023 (GLOBE NEWSWIRE) -- Today Flip AI launched with its observability intelligence platform, Flip, powered by a large language model (LLM) that predicts incidents and generates root cause analyses in seconds. Flip is trusted by well-known global enterprises, including a top media and entertainment company and some of the largest financial institutions in the world.
“When enterprise software doesn't perform as intended, it directly impacts customer experience and revenue. Current observability tools present an overwhelming amount of data on application performance. Developers and operators spend hours, sometimes days, poring through data and debugging incidents,” said Corey Harrison, co-founder and CEO of Flip AI. “Our LLM does this heavy lifting in seconds and immediately reduces mean time to detect and remediate critical incidents. Enterprises are calling Flip the ‘holy grail’ of observability.”
Most enterprises use multiple observability systems and spend millions on every year but incident volume continues to increase and the cost of downtime has grown to more than $9,000/minute. Today when an incident occurs, developers access many different systems to attempt to sort, analyze, correlate and identify a root cause. This can take hours, days, weeks or can even go undetected, impacting enterprises negatively in many ways: losing revenue, harming brand reputation and pulling developers away from innovating.
“We see in our research that observability, particularly incident resolution, is still in its early stages and remains a significant pain point for enterprises of all sizes. In fact, we see that 36% of respondents indicate they are planning to implement in the next 12-24 months,” said Paul Nashawaty, principal analyst at Enterprise Strategy Group. “Flip AI brings a refreshing and novel approach that is poised to transform observability and generative AI, as a whole.”
Flip automates incident resolution processes, reducing the effort to minutes for enterprise development teams. Flip’s core tenet is the notion of serving as an intelligence layer across all observability and infrastructure data sources and rationalizing through any modality of data, no matter where and how it is stored. Flip sits on top of traditional observability solutions like Datadog, Splunk and New Relic; open source solutions like Prometheus, OpenSearch and Elastic; and object stores like Amazon S3, Azure Blob Storage and GCP Cloud Storage. Flip’s LLM can work on structured and unstructured data; operates on-premises, multi-cloud and hybrid; requires little to no training; ensures that an enterprise’s data stays private; and has a minimal compute footprint.
“Software vendors of all types use generative AI to guide users and enrich products,” said Kevin Petrie, vice president of research at Eckerson Group. “Flip AI takes things a step further by using a language model to derive insights from multiple observability tools and explain their implications to users. This approach can simplify the work of ITOps engineers and speed their time to issue resolution.”
Flip AI’s Founding Story
Flip AI was founded by tech leaders who experienced the challenges of running large-scale systems and troubleshooting incidents in real-time:
- Corey Harrison, CEO, was SVP of Operations and Chief of Staff to the NFL Commissioner, led Innovation and Technology at KKR and was a White House Fellow and Special Assistant at the Pentagon where he co-founded the Defense Digital Service and received one of the highest service medals awarded to civilians
- Sunil Mallya, CTO, was the head of AWS’ NLP service Comprehend, one of the largest NLP services in the world, helped build AWS’ LLM product Bedrock and created AWS’s reinforcement learning-enabled autonomous car technology, DeepRacer. He was also the co-founder and CTO of Neon Labs where he built its CV and Neuroscience-based ML service and holds more than 30 patents in the ML and NLP space
- Deap Ubhi, CPO, led the launch of AWS’ Activate, co-founded the Defense Digital Service and was the co-founder and CEO of Burrp! which he grew to be the largest consumer facing application in India
Flip AI Raises Funding from Factory, Morgan Stanley Next Level Fund and GTM Capital
Today Flip AI also announced $6.5 million in seed funding led by Factory. Morgan Stanley Next Level Fund and GTM Capital also participated. The company plans to use the money to continue to advance its product roadmap and LLM and to expand its team and operations.
"Flip AI is a world-class team with deep AI and enterprise experience. They are industry veterans when it comes to building next level customer experiences for enterprises. Their large language model, the first in the world for DevOps, is a breakthrough in generative AI and sets a new standard in observability for years to come," said Andy Jacques, CEO and managing partner at Factory.
“Flip AI is tackling a real challenge and opportunity for leading organizations. We’re excited to partner with them,” said Jason Wood, managing director at the Morgan Stanley Next Level Fund.
“GTM Capital conducts very deep customer diligence before investing in a startup. Customer interest in Flip AI was unprecedented across our global network of over 300 CIOs, CTOs and technical buyers,” said Saqib Awan, founder and managing director at GTM Capital.
Additional Resources
- Read Flip AI’s “Introducing Flip AI” blog: https://www.flip.ai/blog/introducing-flip-ai
- Watch Sunil Mallya’s AWS re:Invent “Train and deploy FMs on Amazon EC2 and Amazon SageMaker, feat. Flip AI” talk on November 29: https://hub.reinvent.awsevents.com/attendee-portal/catalog/?search=AIM404
About Flip AI
Flip AI is helping enterprises unlock the full potential of their observability data. Flip AI’s observability intelligence platform is powered by a LLM that predicts incidents and generates root cause analyses in seconds. The company is backed by Factory, Morgan Stanley Next Level Fund and GTM Capital and based in San Francisco. For more information, go to https://www.flip.ai/.
Media and Analyst Contact:
Amber Rowland
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+1-650-814-4560
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cdd87681-0fc2-4091-9403-dc038e1794ad
