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Kubernetes operations and cost management startup Cast AI raises $20M
Kubernetes operations and cost management startup Cast AI Group Inc. today announced that it has raised $20 million in new funding to take advantage of the significant opportunity as the market for cloud-native solutions is experiencing hypergrowth.
Founded in 2019, Cast AI offers a cloud optimization platform that it claims has cut cloud bills in half for Amazon Web Services Inc., Google Cloud and Microsoft Azure customers. The platform uses artificial intelligence to analyze multiple data points to find an optimal cost-performance ratio, optimizing them in minutes.
Organizations that connect their Kubernetes clusters to the Cast AI platform can see suggested recommendations and use powerful cloud-native automation techniques for immediate cost reduction. The platform is said to have recently helped the social media unicorn ShareChat, the ad tech company Iterable Inc. and the global mobile analytics leader Branch Metrics Inc. save millions of dollars annually.
Since the platform launch, Cast AI has experienced quarter-by-quarter revenue growth of over 220%, off an undisclosed base, thanks to its ability to provide optimization solutions that simplify cloud-native application management. Cast AI claims this is a much-needed service in today’s tech-driven world.
Notable Cast AI customers include Hitachi Ltd., Forbes Media LLC, Samsung Next LLC, Snow Commerce LLC, Surfshare Inc. and Delio Ltd.
“This funding is just in time to take advantage of the tremendous opportunity in the market as more and more companies transition to containerized applications in the cloud,” Yuri Frayman, chief executive officer of Cast AI, said in a statement. “With this investment, we can further grow our position as a leading provider of intelligent cloud optimization solutions globally as well as expand our all-in-one platform capabilities to more cloud-native ecosystems and use cases.”
Early-stage venture capital firm Creandum Advisors AB led the round with a $15 million investment, with previous investors rounding out the rest of the $20 million raised.
Including the new funding, Cast AI has raised $43.2 million to date, according to Crunchbase. Previous investors include Samsung Next, Scale Asia Ventures Pte. Ltd., Florida Funders LLC, Cota Capital Management LLC, Tesonet UAB and DNX Ventures LLC.
Image: CAST AI
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