CAST AI, a Miami-based SaaS company specializing in cost optimization for customers running cloud-native applications in AWS, Microsoft Azure and Google Cloud, completed a $10 million Series A funding. The round was led by San Francisco firm Cota Capital, with participation from Florida Funders, Samsung Next and other investors.
CAST AI is the autonomous Kubernetes management platform that cuts cloud bills in half for AWS, GCP and Azure customers. The system analyzes millions of data points, always looking for the optimal balance of high performance at the lowest cost. The platform delivers a cost-efficient, high-performing, and resilient infrastructure for every Kubernetes workload. The company recently announced that its platform now supports both Google and Microsoft Azure public cloud platforms.
The funding round will accelerate CAST AI product development initiatives and ensure the company’s rapidly growing market position, said CAST AI co-founder and CEO Yuri Frayman, who founded the company in 2019 with Laurent Gil and Leon Kuperman.
“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,” said Frayman, a serial entrepreneur who founded and sold Zenedge to Oracle in 2018.
The cloud computing industry is ripe for disruption as customer cloud costs continue to soar. With the evolution of machine learning, CAST AI says it has developed an AI platform that has saved, on average, between 60% and 90% of total annual cloud expenditures for AWS customers.
“Managing cloud deployments effectively to control costs has become a priority for organizations of all sizes,” said 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.”
In total, CAST AI has raised $17.7 million, according to Crunchbase. The startup raised a $7.7 million seed round last November that also included Florida Funders.
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