Software-as-a-Service (SaaS) optimization platform provider
Spotinst has received a $35 million investment in the shape of a Series-B round of private funding. Still a startup, Spotinst, which has headquarters in Tel Aviv, Israel and offices in the United States, was established in 2015. The company prides itself on enabling companies to run mission-critical applications at 60 to 80% of normal costs.
Spotinst offers a virtual cloud layer that functions as a multi-cloud enabler. Its services enable businesses to manage computer infrastructure provided by different cloud providers including Amazon Web Services (AWS), Microsoft Azure and Google Cloud Platform (GCP). Additionally, the company offers anomaly detection, Hadoop, EMR and Docker containers integration services. The funding round was led by venture capital company Highland Capital. To date it has received funds totalling $52 million.
Its latest round of investment will be used to develop an artificial intelligence platform to improve Spotinst’s position in the cloud optimization market. Although a startup, Spotinst has some big-name customers that include Sony and Ticketmaster. It also has a solid customer based of small and medium-sized companies worldwide. The company will double its 100-strong workforce over the next 12 months because of the funding.
“Spotinst’s Elastigroup is a unique platform that enables some of the world’s largest organizations to control their mission-critical infrastructure costs with an enterprise-grade SLA, while freeing up time and valuable DevOps resources,” explained Highland representative Gajan Rajanathan in a press release on the Spotinst website. “The ability to provision, manage and scale compute needs across a variety of public and private clouds has been a real challenge to enterprises, and the level of sophistication that Spotinst brings to solving these complex issues is testament to an exceptional team. We are truly excited to partner with them in their next innings of growth.”
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