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Cast AI, which helps companies optimize cloud spend, lands $35M | TechCrunch

Nov 08, 2023 - techcrunch.com
The mass shift to digital during the pandemic has led to an increase in cloud adoption, with Gartner estimating that global end-user spending on public clouds will reach over $599 billion in 2023. However, many companies are struggling with overspending due to underused and overprovisioned resources, leading to the emergence of FinOps tools designed to manage and reduce cloud spend. One such tool is Cast AI, which recently raised $35 million in a Series B funding round, bringing its total raised to $73 million.

Cast AI, co-founded by Yuri Frayman, Leon Kuperman, and Laurent Gil, offers a tool that automatically adjusts cloud usage while optimizing costs and providing insights into cloud resource provisioning. The company connects to public clouds like AWS, Google Cloud Platform, and Azure, and uses models to analyze and autonomously tune software-running machines. Despite competition from other FinOps startups, Frayman believes the demand for FinOps solutions is exceeding supply, benefiting Cast AI.

Key takeaways:

  • Cast AI, a company that offers tools to manage and reduce cloud spend, has raised $35 million in a Series B round, bringing its total funding to $73 million.
  • The company's platform connects to public clouds such as AWS, Google Cloud Platform, and Azure, and uses models to analyze and autonomously tune software-running machines, optimizing for cost and providing insights into cloud resource usage.
  • According to a Forrester report, 94% of companies have experienced avoidable cloud expenses due to underused and overprovisioned resources, a lack of in-house talent to oversee cloud infrastructure, and other related factors.
  • The FinOps market, which includes companies like Cast AI, is projected to be worth $2.75 billion by 2023, and according to a Wakefield Research report, nearly three out of 10 developers, engineers, and executives are prioritizing FinOps investments this year.
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