CloudZero announced that it closed $32 million in Series B funding to expand its cloud cost intelligence platform The round was led by Innovius Capital and Threshold Ventures with continued support from existing investors Matrix Partners, Underscore VC, and G20 Ventures. As part of the financing, CloudZero welcomes Justin Moore from Innovius Capital to its board of directors and Arpit Mittal from Threshold Ventures as a board observer.
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In a world where every business is focused on driving cost savings, CloudZero is addressing one of the largest and most opaque expense buckets for modern organizations — cloud spend — which will reach nearly $600 billion worldwide in 2023. That is why 73% of companies surveyed identify cloud costs as a board-level issue.
CloudZero’s unique ability to provide granular insights for any cloud provider empowers software teams to collaboratively manage cloud spend down to how a specific product feature or customer impacts margin. This means engineering teams can see real-time, hourly data showing the consequences of software development decisions and can proactively optimize costs before waste occurs — something no other cost management solution can provide.
“Cost management is a challenge for every business that leverages the cloud. Most vendors in the market address small pieces of the overall problem, only providing surface-level insights into underlying cost drivers,” said Justin Moore, CEO of Innovius Capital. “We were looking to invest in a company that unified all sources of cloud costs into a single platform that was granular enough to help an individual engineer identify the exact line of code or SQL query that was spiking costs, yet broad enough to help finance and operations accurately understand and forecast the company’s unit economics. We found that platform in CloudZero.”
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Unlike other solutions on the market, the CloudZero platform provides:
Complete Visibility
CloudZero AnyCost ingests 100% of cloud spend (IaaS, PaaS, SaaS) in real time, normalizes it in a common data model, and presents it in a single pane of glass. This gives every stakeholder the most complete, accurate, and granular source of truth.
Business Context
CloudZero CostFormation combines b****** and telemetry data to allocate every penny of taggable and untaggable spend — including shared resources, multi-tenant architecture, and Kubernetes. This enables software teams to understand what is driving their spend — customers, features, teams, microservices, etc. — and minimize time spent on manual tagging or in spreadsheets.
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