June 6, 2016

Cloudability announces $24 million raised in Series B funding

Company will use the funds raised to help manage enterprise cloud spending

Cloudability, a cloud cost management provider, today announced that they’ve closed a $24 million Series B round. The company says that the new funding, led by the Foundry Group Select Fund, brings Cloudability’s total funding to date to over $40 million.

Mat Ellis, CEO of Cloudability said:

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. 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.

You can read more about the announcement over on their blog.

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