To deliver on our promise of fully automated cloud cost optimization for Kubernetes, we raised $10 million in a Series A round led by the San Francisco-based Cota Capital, with Samsung Next and other investors participating.
Managing cloud deployments effectively to control costs has become a priority for organizations of all sizes,Bobby Yazdani, Cota Capital founder, and partner
“We are excited to partner with the CAST AI team, as we believe in the company’s ability to address cloud-native optimization challenges,” he added.
And there’s more news we’d like to share. CAST AI platform now supports all three major cloud service providers: Amazon Web Services, Google Cloud Platform, and Microsoft Azure.
Cloud cost management industry is ripe for disruption
In 2020 alone, companies around the world spent $17 billion of unnecessary cloud expenses due to inefficient tool selection and the inability to intelligently scale capacity to match the changing application requirements.
Our platform solves this problem by using AI and machine learning to save our clients between 60% and 90% of total annual cloud expenditures for businesses in industries such as e-commerce, adtech, fintech, data analytics, cybersecurity, and SaaS application delivery.
The new funding round will accelerate our product development initiatives in this direction.
We are thrilled to have Cota Capital lead our Series A round. As we continue on our mission to utilize artificial intelligence for optimizing cloud deployments, we will use the additional funds to further accelerate development and delivery of our platform and provide real and measurable value to our customers.
Yuri Frayman, CAST AI co-founder and CEO
“The adoption of Kubernetes continues to grow as containers and microservice architecture become the defacto standard to serve modern applications at scale,” said Raymond Liao, Managing Director, Samsung Next. “Our team is thrilled to participate in CAST AI’s latest round, as the company advances its quest to make Infrastructure as a Service (IaaS) more efficient and on budget.”
Towards autonomous Kubernetes
Our approach revolves around optimizing and autonomously managing Kubernetes for any cloud service. By connecting existing clusters to our platform with a single click, our users get a free instant savings report and instantly find cost-saving opportunities. CAST AI analyzes and learns more about the company’s cloud environment to identify the resources required for maximum performance.
With CAST AI, our applications are using a more efficient combination of cloud services, and we have already reduced our annualized cloud costs by millions of dollars.Mark Weiler, SVP Engineering at Branch.io
The core value of CAST AI lies in complete automation that allows users to define their own optimization settings to handle low-level optimizations without any extra work for DevOps engineers.