CAST AI, a Miami, FL-based intelligent cloud-native automation and cost management startup, closed $20 million in new funding.
Creandum, an early-stage venture capital investment firm, led the round, investing $15 million, and was joined by CAST AI's original lineup of investors, who contributed an additional $5 million, indicating renewed interest in advanced AI-driven cloud cost optimization solutions.
With this investment, CAST AI is poised to capitalize on a significant opportunity as the market for cloud-native solutions experiences hypergrowth while grappling with the challenge of long-term cost management.
According to Yuri Frayman, CEO of CAST AI, “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 further grow our position as a leading provider of intelligent cloud optimization solutions globally as well as expand our all-in-one platform capabilities to more cloud-native ecosystems and use cases.”
The CAST AI platform employs AI and automation to analyze compute resources and optimize them in minutes. By connecting their Kubernetes clusters to the platform, organizations can see suggested recommendations and use powerful cloud-native automation techniques for immediate cost reduction.
CAST AI positions itself as an all-in-one platform for cloud-native applications. Users can benefit from the full suite of solutions including cost monitoring, autoscaling, spot instances automation, and container security.
Company: CAST.AI Group Inc.
Funding Month: March 2023
Lead Investors: Creandum
Company Website: https://cast.ai/
Software Category: Kubernetes Optimization and Automation Platform
About the Company: CAST AI is an all-in-one platform for Kubernetes automation, optimization, security, and cost management. CAST AI cuts your cloud bill in half, automates DevOps tasks, and prevents downtime in one Autonomous Kubernetes platform. Powered by AI, it analyzes multiple data points to find an optimal cost-performance ratio. CAST AI continuously monitors your cluster and applies changes in real-time to keep your configuration optimal. The company has headquartered in Miami, US, CAST AI has a European branch in Vilnius, Lithuania.