TEL AVIV, Israel, March 8, 2016 /PRNewswire/ --
Spotinst, a leading cloud utilization optimization company, announced today that it has closed a Series A financing round led by PICO Venture Partners.
Using advanced machine learning, Spotinst provides an automated IaaS (Infrastructure as a Service) platform for both enterprises and startups. The service optimizes cloud-computing deployments on Amazon Web Services 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 enable cloud customers to optimize the cost and quality of their cloud computing deployments. As the demand for spot instances has grown, it has become increasingly difficult for customers to secure the capacity they need at affordable prices.
Spotinst's algorithmic platform manages the bid process for its customers and accurately predicts when a customer is going to be forced to switch servers. The platform automates the switching between server capacities and provides reliable and stable cloud capacity at the lowest possible cost and with no interruptions. Spotinst maximizes 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."
More than a dashboard or a cost data management tool, Spotinst effectively provides all of that information while automatically implementing the required actions to achieve efficiency. By managing the entire process, Spotinst typically helps its customers see cost reductions of 50-80%.
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.
"Spotinst is a one-stop-shop for us to manage and make the most efficient use of our cloud infrastructure," said Shimon Tolts, Head of Infrastructure at IronSource. "With Spotinst, we have the ability to scale at low cost and zero management overhead."
"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."
Spotinst's machine learning-based IaaS platform allows enterprises and startups to optimize their Cloud Computing deployments by automating the spot instances bid process. The Company's core technology is based on a unique prediction algorithm that chooses the most effective cloud option for its customers, ensuring reliability and stability, while saving customers up to 80% on cloud operating costs. Spotinst currently works with Amazon Web Services and will be introduce support for Google Cloud Platform and Microsoft Azure later this year. To learn more, please visit http://www.spotinst.com
About PICO Venture Partners
PICO Venture Partners is headquartered in Jerusalem, Israel, with offices in Tel Aviv and New York. PICO 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 whose investors include leading U.S. entrepreneurs, public company executives and senior private equity and hedge fund professionals. PICO invests in outstanding entrepreneurs and founders and works closely with them to transform great ideas into high-growth, market defining companies. The PICO partnership leverages its extensive network of successful entrepreneurs who work closely with founders to assist them in achieving their goals.
GKPR for Spotinst