Spotinst has raised $35 million in new funding as part of a Series-B funding round led by Highland. All existing investors including Intel Capital, Vertex Ventures, and Leaders Fund have participated, to support further growth of Spotinst’s AI-based cloud workload management platform, Elastigroup.
In March 2016, HostingJournalist.com already published an article on a funding round for this company. The Israeli startup has raised approximately $52 million since its launch. Spotinst is a machine learning-based IaaS platform that allows enterprises and startups to optimize their cloud computing deployments by automating the spot instances bid process. By allowing cloud customers to bid on unused public cloud computing capacity, spot instances would enable cloud customers to optimize the cost and quality of their cloud computing deployments.
Spoinst has planned to use the new funds to increase their market share in the cloud optimization space, and double-down its serverless and containers platform. The company’s next big mission is to enable dev and ops engineers to deploy ‘serverless’ containers, combining “the power of containers with a true serverless experience and zero ops.”
“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,” said technology advisor and angel investor Gajan Rajanathan from Highland. “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.”