Cast AI Secures $35M for Cloud Optimisation

Cast AI Secures $35M for Cloud Optimisation

As the global surge towards digital and AI accelerates cloud adoption, Cast AI steps in to streamline the overwhelming cloud spend, securing a $35 million Series B funding. This significant financial boost, led by Vintage Investment Partners, is a vote of confidence in Cast AI's mission to optimize cloud efficiency for enterprises.

Transaction snapshot

  • Deal value: $35 million
  • Investors: Led by Vintage Investment Partners with Creandum and Uncorrelated Ventures pitching in
  • Company: Cast AI offers automated cloud optimisation to reduce costs and improve efficiency for businesses.

Company snapshot

Cast AI, established in 2019, aims to tackle the prevalent issue of cloud overspending in enterprises by automating cloud resource management, particularly for Kubernetes clusters.

In the thick of escalating cloud services adoption, with forecasts hitting $599 billion in global spending for 2023, Cast AI emerges as a beacon for companies struggling with unnecessary cloud expenditure. The firm's fresh Series B funding of $35 million, led by Vintage Investment Partners, is earmarked for product enhancement and team expansion.

Frayman, the CEO, emphasizes Cast AI's critical role in today’s economic climate, where they have been on a rapid growth trajectory, bucking the trend of stagnation affecting many B2B SaaS entities. The platform's uniqueness lies in its automated scaling and optimisation capabilities, promising significant cost savings and performance boosts.

Originating from a previous venture into cybersecurity, the founders' personal challenges with cloud cost management inspired Cast AI's creation. Their platform distinguishes itself by autonomously tuning Kubernetes clusters across different cloud services, akin to searching for the most cost-effective flight options.

In a burgeoning FinOps market, Cast AI stands out, offering a critical tool amidst a sea of startups, each vying for control of a segment predicted to be worth $2.75 billion by the end of the year. Amidst growing demand, nearly 30% of tech professionals are prioritizing FinOps, with 74% equating its significance to established IT disciplines. Cast AI's trajectory showcases a deepening relationship with cloud-native enterprises, delivering an unbiased source of truth for navigating FinOps challenges.

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