- Companies that link their Kubernetes clusters to the Cast AI platform can access powerful cloud-native automation techniques for instant cost savings and view recommended suggestions.
- Cast AI has seen quarterly revenue growth of over 220%, from an undisclosed base, since the platform’s debut.
Cast AI Group Inc., a startup providing cost and operations management for Kubernetes, announced that it had raised USD 20 million in fresh funding to seize a sizable opportunity in the rapidly expanding cloud-native solutions market.
Cast AI, a 2019 startup, provides a cloud optimization platform that has reduced customers’ cloud costs for Google Cloud, Microsoft Azure, and Amazon Web Services Inc. by half. The platform uses artificial intelligence to analyze data points to determine the ideal cost-performance ratio, optimizing them in minutes.
Companies that link their Kubernetes clusters to the Cast AI platform can access powerful cloud-native automation techniques for instant cost savings and view recommended suggestions. According to reports, the platform recently assisted the social media unicorn ShareChat, ad tech firm Iterable Inc., and the world champion in mobile analytics, Branch Metrics Inc., to save millions of dollars yearly.
Cast AI has seen quarterly revenue growth of over 220%, from an undisclosed base, since its debut, due to its capacity to offer optimization solutions that simplify managing cloud-native applications. According to Cast AI, this service is desperately required in today’s tech-driven world.
Hitachi Ltd., Forbes Media LLC, Samsung Next LLC, Snow Commerce LLC, Surfshare Inc., and Delio Ltd. are notable Cast AI clients.
Yuri Frayman, Chief Executive Officer at Cast AI, said, “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. With this investment, we can grow as a leading provider of intelligent cloud optimization solutions globally and expand our all-in-one platform capabilities to more cloud-native ecosystems and use cases.”
With a USD 15 million investment, early-stage venture capital company Creandum Advisors AB headed the round, with the remaining USD 20 million coming from prior investors.
Cast AI has now raised USD 43.2 million, including additional funding. Previous backers of the startup include Tesonet UAB, DNX Ventures LLC, Florida Funders LLC, Scale Asia Ventures Pte. Ltd., Samsung Next, and Scale Asia Ventures Pte. Ltd.