CAST AI, a Miami-based startup with a European branch in Vilnius, has raised $20 million in a funding round led by Creandum. Creandum, an early-stage venture capital investment firm behind companies like Spotify, neo4j, and Klarna, invested $15M, joining CAST AI’s original lineup of investors which injected an additional $5M, signaling renewed enthusiasm for advanced AI-driven cloud cost optimization solutions. The startup provides an all-in-one cloud-native automation platform that optimizes cost management. With this investment, CAST AI plans to expand its platform capabilities to more cloud-native ecosystems and use cases.
CAST AI is ready to take advantage of the significant opportunity as the market for cloud-native solutions is experiencing hypergrowth and, at the same time, facing the challenge of sustainable cost management. A recent report showed that companies overspend by 60% due to overprovisioning containerized applications.
The CAST AI platform employs AI and automation to analyze compute resources and optimize them in minutes. By connecting their Kubernetes clusters to the platform, organizations can see suggested recommendations and use powerful cloud-native automation techniques for immediate cost reduction.
Recently, the platform has helped the social media unicorn ShareChat, the Adtech company Iterable, and the global mobile analytics leader Branch to start saving millions of dollars annually.
According to Yuri Frayman, CEO of CAST AI, “This funding is just in time to take advantage of the tremendous opportunity in the market as more and more companies transition to containerized applications in the cloud. With this investment, we can further grow our position as a leading provider of intelligent cloud optimization solutions globally as well as expand our all-in-one platform capabilities to more cloud-native ecosystems and use cases.”
Since the platform launch, CAST AI has experienced staggering quarter-by-quarter revenue growth of over 220%. This rapid and sustainable growth is a testament to the company’s ability to provide optimization solutions that simplify cloud-native application management, a much-needed service in today’s tech-driven world.
Carl Fritjofsson, General Partner at Creandum, commented, “CAST AI’s explosive growth is unheard of in this macro market. This demand really shows how unique and powerful the company’s solution is. We believe the needs for DevOps automation will only grow from here, and can’t wait to see CAST AI become the leader in the cloud optimization space.”
CAST AI positions itself as an all-in-one platform for cloud-native applications. Users can benefit from the full-suite of solutions including cost monitoring, autoscaling, spot instances automation and container security.
