CAST AI Receives $20M in New Funding Led by Early-Stage VC Creandum
MIAMI, March 16, 2023 -- CAST AI, the intelligent cloud-native automation and cost management startup, has announced the closing of a $20M investment round led by Creandum, an early-stage venture capital investment firm behind companies like Spotify, neo4j, and Klarna. Creandum invested $15M, joining CAST AI's original lineup of investors which injected an additional $5M, signaling renewed enthusiasm for advanced AI-driven cloud cost optimization solutions. 
With this investment, CAST AI is ready to take advantage of the significant opportunity as the market for cloud-native solutions is experiencing hypergrowth and, at the same time, facing the challenge of sustainable cost management. A recent report showed that companies overspend by 60% due to overprovisioning containerized applications. The CAST AI platform employs AI and automation to analyze compute resources and optimize them in minutes. By connecting their Kubernetes clusters to the platform, organizations can see suggested recommendations and use powerful cloud-native automation techniques for immediate cost reduction. Recently, the platform has helped the social media unicorn ShareChat, the Adtech company Iterable, and the global mobile analytics leader Branch to start saving millions of dollars annually. According to Yuri Frayman, CEO of CAST AI, "This funding is just in time to take advantage of the tremendous opportunity in the market as more and more companies transition to containerized applications in the cloud. With this investment, we can further grow our position as a leading provider of intelligent cloud optimization solutions globally as well as expand our all-in-one platform capabilities to more cloud-native ecosystems and use cases." Since the platform launch, CAST AI has experienced quarter-by-quarter revenue growth of over 220%, based on the company's ability to provide optimization solutions that simplify cloud-native application management, a much-needed service in today's tech-driven world. Carl Fritjofsson, General Partner at Creandum, commented "CAST AI's explosive growth is unheard of in this macro market. This demand really shows how unique and powerful the company's solution is. We believe the needs for DevOps automation will only grow from here, and can't wait to see CAST AI become the leader in the cloud optimization space." CAST AI positions itself as an all-in-one platform for cloud-native applications. Users can benefit from the full-suite of solutions including cost monitoring, autoscaling, spot instances automation and container security. About CAST AI
CAST AI is an all-in-one cloud-native automation platform that cuts cloud bills in half for AWS, GCP, and Azure customers. Powered by AI, it analyzes multiple data points to find an optimal cost-performance ratio. The company founders are serial entrepreneurs who successfully led previous startups to acquisitions by Google, Comcast and Oracle. Headquartered in Miami, US, CAST AI has a European branch in Vilnius, Lithuania. The company has raised $38M from investors including Creandum, Cota Capital, and Uncorrelated Ventures. Learn more: https://cast.ai/ About Creandum
Founded in 2003, Creandum is a leading pan-European early-stage venture capital firm. The fund's portfolio of 120+ companies includes some of Europe's most successful tech companies across a wide range of industries including Spotify, Klarna, Depop, Kry, Trade Republic, Pleo, and Vivino. Today, every sixth company is a unicorn. Creandum's advisory teams are based in Stockholm, Berlin, London, and San Francisco and offer extensive operational expertise to support the funds' portfolio companies from seed to exit to become global category leaders. Learn more at www.creandum.com.
Source: CAST AI
