TL;DR:
- CAST AI, a Miami/Vilnius-based Kubernetes cost optimization platform, has successfully closed a $35 million Series B funding round.
- The complexity and expenses of the cloud are rising due to the modernization of legacy applications and the emergence of new use cases, such as AI model training.
- CAST AI’s platform uses advanced machine learning algorithms to automate cluster optimization, resulting in up to 50% cost savings for customers.
- This funding round included Vintage Investment Partners, Creandum, and Uncorrelated Ventures, bringing CAST AI’s total funding to $73 million.
Main AI News:
Miami/Vilnius-based CAST AI, a leading Kubernetes cost optimization platform, has achieved a significant milestone with the successful completion of a $35 million Series B funding round. This development comes at a crucial time when the complexity and cost of running applications in the cloud have reached unprecedented levels.
As organizations embark on the journey of modernizing legacy applications and transitioning them to the cloud, new use cases have emerged. For instance, companies are increasingly relying on cloud resources to run and train AI models that demand specialized GPUs and involve billions of computations per second, resulting in soaring data costs. In some cases, enterprises find themselves facing daily cloud bills that can reach as high as $700,000, mirroring the challenges encountered by OpenAI on Azure.
CAST AI’s innovative platform goes beyond conventional cluster monitoring and recommendations. It leverages advanced machine learning algorithms and heuristic approaches to conduct in-depth analysis and automate cluster optimization. By doing so, it empowers customers to achieve remarkable cost savings of up to 50%, all while enhancing performance, reliability and elevating DevOps and engineering productivity to new heights.
The Series B funding round was a resounding success, with participation from Vintage Investment Partners, alongside existing investors Creandum and Uncorrelated Ventures. This latest injection of capital follows a $20 million investment round led by Creandum in March, bringing CAST AI’s total funding to an impressive $73 million.
Barrel Kfir, from Vintage Investment Partners, highlighted what sets CAST AI apart in the market, saying, “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.”
Yuri Frayman, co-founder and CEO of CAST AI, emphasized the significance of the new funding, stating, “The new funding will further bolster customer savings and productivity as we expand our platform’s capabilities and automate even more aspects of Kubernetes.”
Conclusion:
CAST AI’s substantial Series B funding underscores the increasing demand for cost-effective cloud solutions. As organizations grapple with rising cloud expenses, CAST AI’s innovative platform, which automates cluster optimization, is well-positioned to drive efficiency and cost savings in the market, offering significant value to businesses seeking to manage their cloud expenditures effectively.
