Miami/Vilnius-based Cast AI has raised $20 million in a new investment round that will see the company further establish itself in the cloud optimisation space as well as build out new offerings.
The $20 million venture round was led by Spotify, neo4j, and Klarna backer Creandum who invested $15 million while existing investors continued their support with an additional $5 million.
CAST AI's platform is designed to help users manage their cloud infrastructure more efficiently by automating resource allocation and optimisation. The platform uses machine learning algorithms to analyse resource usage patterns and make real-time adjustments to ensure optimal usage.
By connecting their Kubernetes clusters to the platform companies can optimise usage through suggested options and improvements and use automation features to ultimately reduce the overall bottom line when it comes to costs.
Cast AI counts Hitachi, Forbes, Delio, Surfshark, and even our friends at TechCrunch and VentureBeat amongst its client list, and according to the company, has achieved a 220% quarter-by-quarter growth rate in revenues since launching in late 2020.
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,” commented Cast AI CEO Yuri Frayman. “With this investment, we can further grow our position as a leading provider of intelligent cloud optimisation solutions globally as well as expand our all-in-one platform capabilities to more cloud-native ecosystems and use cases.”