Cloudability, a public-cloud cost-management firm based in Portland, Ore., has closed a $24M Series B round, led by the Foundry Group Select Fund. The round brings the company’s total funding to more than $40M.
The new round “lets us continue on the trajectory of trying to grow as fast as we can, which burns through a lot of money,” said CEO Mat Ellis. “It’s a big relief not to have to worry about money for awhile.”
The round will be used “to support our existing mission,” said company spokesperson Aaron Kaffen. “We’ll use it for hiring, structure and making sure we can continue growing on our path.”
Founded in 2011, Cloudability helps companies manage their spending on cloud computing and analyze the voluminous billing and usage data such computing can generate, it said in a prepared release. The company claims it saves organizations an average of 30 percent in the first six months of use.
Cloudability customers include development-tools maker Atlassian, GE and Uber, it said. Ellis declined to say how many customers the company has in total.
The firm raised $8.7 million in its Series A round, in July 2012. Other investors include 500 Startups, First Round Capital, Techstars and First Round Capital.
Cloudability, which today has 70 employees, has acquired four start-ups in the last 18 months. In July 2015 it bought RipFog, a stealthy data-transfer firm. Most recently, in January it bought DataHero, a four-year-old San Francisco-based data-visualization company.
The company competes most closely with CloudCheckr, of Rochester, N.Y.; CloudHealth Technologies, of Boston; and Cloudyn, of Tel Aviv, Ellis said. It’s different from those, he said, in that it offers computer-generated recommendations, whereas the competitors “are about putting humans in the middle, making their own decisions.”