CloudZero, a Boston, MA-based SaaS platform offering real-time cost anomaly and waste detection to optimize cloud costs and prevent accidental overspend, announced that it closed $32 million in Series B funding to expand its cloud cost intelligence platform.
The round was led by Innovius Capital and Threshold Ventures, with continued support from existing investors Matrix Partners, Underscore VC, and G20 Ventures.
With the new funding, CloudZero will expand platform features, advance its enterprise functionality, and scale headcount to help more customers get the most value out of their cloud investments.
CloudZero's unique ability to provide granular insights for any cloud provider empowers software teams to collaboratively manage cloud spend down to how a specific product feature or customer impacts margin.
"Despite the existence of first-generation cloud cost management solutions, the number one pain for FinOps professionals is consistently getting engineers to take action," said Phil Pergola, CEO of CloudZero. "CloudZero recognizes that every engineering decision is a buying decision, which is why our platform is purpose-built for engineers. It is invigorating for the CloudZero team to come to work every day knowing that we are helping thousands of engineers drive tens of millions of dollars in cost savings, and we are just getting started."
As part of the financing, CloudZero welcomes Justin Moore from Innovius Capital to its board of directors and Arpit Mittal from Threshold Ventures as a board observer.
Company: CloudZero, Inc.
Round: Series B
Funding Month: June 2023
Lead Investors: Innovius Capital and Threshold Ventures
Additional Investors: Matrix Partners, Underscore VC, and G20 Ventures
Company Website: https://www.cloudzero.com/
Software Category: Cloud Cost Management
About the Company: CloudZero is a cloud cost intelligence platform that puts engineering in control by connecting technical decisions to business results. They empower the world's engineers to build cost-efficient software without slowing down innovation. CloudZero's platform automates the collection, allocation, and analysis of cloud cost data to uncover savings opportunities and improve unit economics. The company’s unique approach ensures organizations have the most complete, accurate, and granular source of truth for their cloud costs. CloudZero is used by industry leaders worldwide, such as Demandbase, New Relic, Nubank, Rapid7, and Skyscanner.