ProsperOps, an Austin, TX-based startup developing cloud optimization software with the goal of decreasing spend, raised $72 million in funding.
The round was led by H.I.G. Growth Partners, with participation from Active Capital and other unnamed investors.
With this funding, ProsperOps will expand its operations by growing its engineering and go-to-market teams. The company will also expand beyond AWS and integrate other cloud service providers into its platform.
“Cloud waste is rampant and holistic optimization requires an automated approach. The scale and complexity of this problem necessitate an algorithmic rather than a human solution,” Chris Cochran, CEO of ProsperOps, said in a statement. “We’ve been profitably growing the business by triple digits, and the backing from our investors enables us to fully pursue the market opportunity. We look forward to expanding our customer reach and cost optimization platform so every business can prosper in the cloud.”
ProsperOps enables clients to manage Amazon Web Services (AWS) discounts automatically. According to the company, it helps its clients reduce their costs for cloud services and maximize their return on investment with those services.
Company: ProsperOps Inc.
Round: Growth Round
Funding Month: February 2023
Lead Investors: H.I.G. Growth Partners
Additional Investors: Active Capital
Company Website: https://www.prosperops.com/
Software Category: Cloud Optimization Software
About the Company: Founded in 2018 by Chris Cochran, Chris Kuehl, and Erik Carlin, ProsperOps is a developer of an autonomous cloud cost optimization platform that manages reserved instances (RIs) to optimize cloud spending. It includes usage monitoring, configurable controls, automated RI actions, a performance dashboard, and other features. The company aims to provide full value and savings outcomes, providing companies with an intuitive and autonomous cloud cost optimization experience that automatically manages discount instruments to maximize compute savings and minimize commitment risk.