We’ve raised $24M to take Cloud Cost Management to the next level
Today, I’m happy to announce that we closed a $24 million Series B round of financing! The round was led by the Foundry Select Fund and brings our total funding to over $40 million. We’re excited to invest in our product and field to help our customers do cloud faster and better.
When we released the first version of Cloudability in 2010, the goal was simple. We saw a lot of pain caused by basic needs around analyzing cloud costs. The lack of financial insight was a significant drag on the pace of cloud adoption. Further, the massive size and complexity of cost and utilization data made optimization impossible to do well, especially at scale. We wanted to solve the collation and analysis problems, and we believed that doing so would free companies to focus on building great product and services.
For five years now we’ve helped our customers manage and optimize their clouds at an insane pace. Collectively, our customers have spent nearly $4B on cloud services. Early adopters such as GE, Uber and Atlassian have demonstrated conclusively that new tools and processes are needed to optimize cloud spending and avoid waste. And an agile and decentralized approach to cloud management raises the speed limit for innovation inside their organizations.
We’ll continue taking Cloud Cost Management beyond the visualization of the monthly bill. We’re innovating from both the product and service standpoints to transform a company’s mountain of billing data into actionable insights to help them build bigger and more complex clouds with confidence and control.
We’ve come a long way since 2011. We’ve had the honor of leading this space with the support from investors and customers over the last five years. We couldn’t have reached this milestone without the hard work of our incredible employees and customers. Stay tuned!