SAN FRANCISCO, Oct. 12, 2020 /PRNewswire/ -- Yotascale, the industry leader in next-generation cloud cost management software, announced today it secured $13 million for its Series B round, bringing its total capital raised to $25 million. The round was led by Felicis Ventures' Aydin Senkut, alongside existing investors, Crosslink Capital, Pelion Ventures, and Engineering Capital.
Yotascale's software provides engineering teams, who are the subject matter experts for their cloud workloads and applications, complete visibility of cloud costs (e.g., Amazon Web Services and Azure), so they can make more cost-effective decisions and independently validate planned usage for faster buying cycles and increased savings of 50%.
Unlike first-generation cost management products on the market, Yotascale's next-generation approach to cloud cost management provides three pillars for a truly collaborative, optimized framework: unified cost management, collaborative cost optimization, and predictive capacity planning. Yotascale's solution focuses on making the understanding of cloud spend seamless and builds trust with engineering teams--not just providing piecemeal reports that require manual administrative configuration and siloed communications. Yotascale has been widely adopted industry-wide by leading Fortune 1000 companies globally, such as Zoom Video Conferencing, Hulu, and Doordash, driving its 4x revenue growth year-over-year.
"For organizations to have effective cost management, there must be a solution that deeply understands the enterprise business and system context; scales with complexity introduced by modern architectures like Kubernetes, containers, micro-services, and multi-cloud deployments; and empowers engineering teams with actionable recommendations they can trust and seamlessly implement," said Co-Founder and CEO, Asim Razzaq. "That's why we built Yotascale with engineering teams in mind. Yotascale is trusted by engineering teams at many Fortune 1000 companies. We've made cloud cost management practical and exciting for these teams with the sophistication and effectiveness of our approach."
"As Zoom has scaled its systems exponentially in current times, Yotascale has been a trusted partner to help keep our massively increasing cloud costs in check," said Yasin Mohammad, Engineering Manager of Cloud Operations at Zoom. "I have been very impressed with the huge ROI they delivered, and I am glad that we had Yotascale already in place prior to the pandemic."
"As the use of cloud platforms skyrocket, understanding and optimizing cloud costs has become an existential issue for nearly every major company," said Aydin Senkut, founder and managing partner at Felicis. "Yotascale not only provides complete visibility and significant savings, but also allows for accurate cost attribution including usage of micro services. We are pleased to partner with Asim and invest in Yotascale on their journey to become the system of record for cloud cost optimization."
About Yotascale Founded in 2015, Yotascale optimizes the world's cloud computing spend. It creates cloud cost visibility and enables resource transparency by empowering engineering teams. Yotascale's next-generation cloud cost management solution identifies resource waste, enables cross-functional collaboration, improves optimization by 5x, and reduces yearly costs by 50%. Headquartered in Menlo Park, CA, Yotascale's global customers are industry leaders in video conferencing, video streaming, fintech, healthcare, on-demand delivery, and online gaming. Learn more at https://www.yotascale.com/ or follow us on Twitter (@yotascale) and LinkedIn (https://www.linkedin.com/company/yotascale).
About Felicis Ventures Founded in 2006, Felicis Ventures is a venture capital firm that has backed 29 companies valued at $1B or more. Felicis invests in iconic companies reinventing core markets, as well as those creating frontier technologies. More than 80 Felicis portfolio companies have been acquired or gone public, including Adyen (IPO), Guardant Health (IPO), Fitbit (IPO), Shopify (IPO), Meraki (acquired by Cisco), Twitch (acquired by Amazon), and Ring (acquired by Amazon). Learn more at felicis.com.