Spotinst, a machine learning-based IaaS platform that allows enterprises and startups to optimize their cloud computing deployments by automating the spot instances bid process, has announced a Series A financing round. The funding was led by PICO Venture Partners.
Using advanced machine learning, Spotinst provides an automated IaaS (Infrastructure-as-a-Service) platform for for both enterprises and startups. The service optimizes cloud computing deployments on Amazon Web Services (AWS Cloud) and will introduce support for Google Cloud Platform and Microsoft Azure later this year.
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.
Spotinst’s algorithmic platform manages the bid process for its customers while accurately predicting when a customer is going to be forced to switch servers. The platform automates the switching between server capacities and would provide reliable and stable cloud capacity at the lowest possible cost and with no interruptions. Spotinst’s services are aimed at maximizing the overall efficiency of the spot market while providing clients with an easy to use cloud utilization management dashboard.
“Leveraging the benefits of the Spot markets and running cost-aware applications can be a complicated, costly and frustrating process, even for mature companies with experienced DevOps teams and extensive cloud experience,” said Amiram Shachar, CEO of Spotinst. “Spotinst allows any company to outsource the management of the Spot Instance market, enabling them to focus on the core elements of their business.”
Price Prediction Algorithm
Spotinst’s platform features a price prediction algorithm for advance alerting, monitoring of cloud metrics and atypical trend detection, optimal infrastructure utilization, automatic recovery and cost-aware action. Spotinst provides an intuitive API and UI for high-level reporting as well as a granular view of cloud deployments.
“As greater numbers of software teams around the world seek to optimize their cloud computing usage, an effective ‘spot’ strategy will become an increasingly important part of their cloud programs,” said Todd Kesselman of PICO Venture Partners. “We are excited to work closely with Spotinst to help them further build out their technology and grow their impressive roster of clients, which already includes some of the world’s most innovative companies.”
PICO Venture Partners is headquartered in Jerusalem, Israel, with offices in Tel Aviv and New York. PICO Venture Partners is led by serial entrepreneur Elie Wurtman and was established in 2015 in collaboration with Precision Capital, a NY-based alternative investment boutique with approximately $2 billion of assets under management.