PORTLAND, Ore., June 6, 2016 /PRNewswire/ -- Cloudability, a leading cloud cost management provider, today announced they've closed a $24M Series B round. The new funding, led by the Foundry Group Select Fund, brings Cloudability's total funding to date to over $40M.
"As enterprise companies move more of their IT spending to public clouds they need new tools to manage and optimize their spending and to make sense of the mountain of billing and usage data that big clouds generate every day," said Mat Ellis, CEO of Cloudability. "For five years Cloudability has been helping companies like GE, Uber and Atlassian to rapidly build bigger and more complex clouds with confidence and control."
The cloud computing and infrastructure market is expected to grow to $122 billion by 2019 according to Goldman Sachs. The cloud provides incredible access to computing resources, and as deployments grow, organizations face increasing visibility and management challenges. Cloudability makes it easy to direct and optimize spending and govern cloud deployments, saving organizations an average of 30 percent on cloud costs in the first six months.
"The Foundry Select Fund was created to invest in later stage category leaders like Cloudability who are poised to accelerate their growth." said Jason Mendelson, Managing Director of Foundry Group. "We believe that Cloudability's expertise and technology puts them in the best position to provide businesses with the tools to they need to manage the power of the cloud."
Cloudability specializes in cloud cost management tools and services that enable companies to manage and direct cloud spending across departments, products and infrastructure. Designed for businesses running on public cloud services, like Amazon Web Services and Microsoft Azure, Cloudability gives companies the tools to track spending and gain the flexibility of the cloud without unnecessary or hidden costs. Cloudability's cost reporting tools provide businesses like General Electric, Uber and Atlassian with granular visibility into all cloud usage and costs.
Cloudability is backed by Foundry Group,Techstars, 500 Startups, Trinity Ventures and First Round Capital. The company is headquartered in Portland, Ore. To find out more information about Cloudability visit: https://www.cloudability.com/