Cloudability raises $8.7M to ID spikes in cloud spending

The Foundry Group has led an $8.7 million series A financing round in Cloudability, a Portland upstart that helps companies get a better handle on how much they are spending across various cloud computing services. Launched last November, the free service is now used by over 3,000 people, including customers such as OpenSesame, Slideshare and Savvr.

“We love hearing stories about giant cloud bills made small, but just as satisfying are the stories of $1,000/mo budgets being saved from $2,000/day spikes,” co-founder and CEO Mat Ellis writes in a blog post. The 15-person company plans to use the new cash to add new features, and increase the number of cloud vendors it tracks, from a current list of 100 to as many as 500.

“The cloud is fast, nimble, agile. Finding the right product, applying upgrades to your business, and getting new tools into the hands of your staff now take place orders of magnitude quicker,” the company says in the post. “This upgrade in speed is in large part achieved by eliminating a lot of safety catches from existing financial, IT and operations processes. This is faster but can also be very scary. Your job, your budget, and quite possibly even your company may be at risk thanks to a near total loss of financial and technical oversight.”

As a result of the funding, Foundry Group’s Jason Mendelson and TechStars’ Jason Seats will join the board. Other investors in the round include 500 Startups, Trinity Ventures and Wieden + Kennedy.