Following a $20 million investment round in March, the new funding will further expand the capabilities of
CAST AI’s Kubernetes cost optimization platform
CAST AI, the leading Kubernetes cost optimization platform, today announced that it has closed a $35 million Series B round from Vintage Investment Partners and existing investors Creandum and Uncorrelated Ventures. The new funding follows a $20 million investment round led by Creandum in March, bringing the company’s total funding raised to $73 million and underscoring the company’s strong growth and increasing demand for its platform. CAST AI was also recently named a Cool Vendor in the 2023 Gartner Cool Vendors™ in Cloud That Drive Business Disruption report.
Running applications in the cloud is complex and expensive. Costs will continue to rise as legacy applications are modernized and migrated to the cloud, and new use-cases emerge – like companies that have started running and training AI models that demand specialized GPUs and require billions of computations per second and petabytes of data. For enterprises training and running their own large language models, the resulting cloud bill can cost as much as $700,000 a day to operate, as is the case for OpenAI’s infrastructure cost on Azure.
While some solutions offer basic capabilities that merely monitor clusters and make recommendations, CAST AI’s platform utilizes advanced Machine Learning Algorithms and Heuristics to automatically optimize clusters, saving customers 50% or more on their cloud spend, improving performance and reliability and boosting DevOps and engineering productivity.
“AWS, Google and Azure bills can significantly impact gross margins for businesses, leading to excessive financial stress. CAST AI has proven that this scenario can be entirely avoided by consistently slashing customers’ cloud spend,” said Vintage Investment Partners’ Barrel Kfir. “What is unique about CAST AI is that it has developed a robust platform that goes beyond monitoring and recommendations; it automatically optimizes customers’ cloud resources, supercharging their savings.”
“Every single person at CAST AI is relentlessly focused on helping customers slash their cloud spend by automating tasks that are best performed by machine learning systems,” said CAST AI Co-Founder and CEO Yuri Frayman. “That’s why customer growth continues to accelerate and we’ve recently welcomed marquee customers like Akamai and Yotpo. The new funding will further bolster customer savings and productivity as we expand our platform’s capabilities and automate even more aspects of Kubernetes.”
About CAST AI:
CAST AI is the leading Kubernetes cost optimization platform for AWS, GCP and Azure customers. The company’s platform goes beyond monitoring clusters and making recommendations; it utilizes advanced machine learning algorithms to analyze and automatically optimize clusters, saving customers 50% or more on their cloud spend, improving performance and reliability and boosting DevOps and engineering productivity.
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