TL;DR:
- Antimetal raises $4.3M seed investment to revolutionize cloud spending efficiency.
- Antimetal utilizes a proprietary machine-learning model to reduce cloud bills.
- Antimetal’s AI and machine learning model save clients up to 75% on AWS bills in less than five minutes.
- Antimetal developed an AI-powered algorithm to sell unused AWS resources efficiently.
- Antimetal is committed to building a diverse team and plans to double its employees.
- The investment was led by Framework Ventures with participation from Chapter One, IDEO CoLab Ventures, and other unnamed investors.
Main AI News:
As more companies migrate their workloads to the cloud, the size of cloud bills has grown significantly. With the current economic climate exacerbating financial concerns, businesses are eager to find ways to reduce their cloud spend. While various solutions have been offered by cloud vendors and startups, Antimetal, an early-stage startup based in New York City, has taken a different approach by utilizing a proprietary machine learning model to address this issue, initially focusing on AWS with plans to expand to other major cloud platforms such as Google and Microsoft in the near future.
Antimetal has already launched a working product with over 30 paying customers and has recently announced a $4.3 million seed investment to continue developing its solution. The company’s co-founder and CEO, Matthew Parkhurst, explains that their artificial intelligence and machine learning model analyzes thousands of data points to identify any opportunities for savings on customers’ AWS accounts. By doing so, the model can save clients up to 75% on their AWS bills in less than five minutes. For larger businesses, this could translate to savings of hundreds of thousands or even millions of dollars annually.
Companies that have contracted with Amazon Web Services (AWS) for a specific period of time often end up paying for unused resources. While AWS has an online marketplace for selling unused instances, it takes an average of 90 days to sell them. Antimetal has developed an AI-powered online algorithm that studies market dynamics, resizes and relists these instances to find the most efficient way to sell them. According to Antimetal’s co-founder and CEO, Travis Parkhurst, the company’s solution is about three times faster than using the AWS marketplace alone.
Antimetal’s co-founders, Travis Parkhurst and Shreyas Iyer, are committed to building a defensible product against AWS and other cloud vendors. Iyer believes that while AWS is working to help customers reduce costs, it’s not a core part of their business. AWS is looking to partners like Antimetal for help in this area. The incentives are aligned, according to Iyer. AWS wants people to engage in reserved instances and buy them, and Antimetal can help AWS customers by moving a reserved instance from one customer to another.
Antimetal’s approach to diversity is noteworthy. The company is committed to building a diverse team and has been reaching out to hire people from all walks of life and backgrounds. The company, which currently has five employees, plans to double that number in the coming year with its new funds.
The recent $4.3 million investment in Antimetal was led by Framework Ventures with participation from Chapter One, IDEO CoLab Ventures, and other unnamed investors. The company’s AI-powered solution for selling unused AWS resources is a promising development that could benefit AWS customers who want to reduce costs and increase efficiency.
Conlcusion:
Antimetal’s AI-powered solution for reducing cloud bills and efficiently selling unused AWS resources is a promising development for the cloud market. As more companies continue to migrate their workloads to the cloud, Antimetal’s approach could help them reduce costs and increase efficiency. Additionally, Antimetal’s commitment to building a diverse team reflects a growing awareness of the importance of diversity in the tech industry. With the recent $4.3 million seed investment, Antimetal has the potential to grow and expand its solution to other major cloud platforms in the near future.
