Israeli cloud utilization optimization company Spotinst has closed a Series A financing round led by PICO Venture Partners. The company did not disclose the amount of the financing round but media reports believe it was $2 million.
Headquartered in Herzliya, the company was founded by CEO Amiram Shachar, chief architect Liran Polak, and COO Yakir Daniel.
Using advanced machine learning, Spotinst provides an automated IaaS (Infrastructure as a Service) platform for both enterprises and startups. The service optimizes cloud-computing deployments on Amazon Web Services and will introduce support for Google Cloud Platform and Microsoft Azure later this year.
By allowing cloud customers to bid on unused public cloud computing capacity, spot instances enable cloud customers to optimize the cost and quality of their cloud computing deployments. As the demand for spot instances has grown, it has become increasingly difficult for customers to secure the capacity they need at affordable prices.
Spotinst's algorithmic platform manages the bid process for its customers and accurately predicts when a customer is going to be forced to switch servers. The platform automates the switching between server capacities and provides reliable and stable cloud capacity at the lowest possible cost and with no interruptions. Spotinst maximizes the overall efficiency of the spot market while providing clients with an easy to use cloud utilization management dashboard.
Shachar said, "Leveraging the benefits of the Spot markets and running cost-aware applications can be a complicated, costly and frustrating process, even for mature companies with experienced DevOps teams and extensive cloud experience. Spotinst allows any company to outsource the management of the Spot Instance market, enabling them to focus on the core elements of their business."
"As greater numbers of software teams around the world seek to optimize their cloud computing usage, an effective "spot" strategy will become an increasingly important part of their cloud programs," said Todd Kesselman of PICO Venture Partners.
Published by Globes [online], Israel business news - www.globes-online.com - on March 10, 2016
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