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ScaleOps aims to take the frustration out of cloud management | TechCrunch

Nov 12, 2024 - techcrunch.com
ScaleOps, a startup focused on optimizing cloud resource usage, has raised $58 million in a Series B funding round, bringing its total capital raised to $80 million. The company, which operates in the FinOps niche of cloud spend management tools, aims to automate cloud management for companies based on individual app performance requirements. ScaleOps analyzes an app's requirements, considers available resources and costs, and works to minimize the app's cloud services footprint. The company's customer base, which includes SentinelOne, Cato Networks, and Wiz, is expected to grow to over 100 brands by the end of the year.

The funding round was led by Lightspeed Venture Partners, with participation from NFX, Glilot Capital Partners, and Picture Capital. The funds will be used to increase the New York-based company's headcount from 60 to over 200 by 2026. The company's growth comes at a time when more than four in five companies have a formal FinOps team in place, with 71% of respondents in a recent survey stating that their investment in FinOps increased last year.

Key takeaways:

  • ScaleOps, a startup focused on optimizing cloud resource usage, operates in the niche of cloud spend management tools known as FinOps.
  • ScaleOps automates cloud management for companies based on the performance requirements of individual apps, aiming to reduce waste, improve performance, and streamline workflows.
  • The company recently closed a $58 million Series B funding round, bringing its total capital raised to $80 million.
  • According to a recent survey, more than four in five companies now have a formal FinOps team in place, indicating the growing importance of this field.
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