Cast AI announced that it raised $35 million in a Series B round led by Vintage Investment Partners with participation from Creandum and Uncorlation Ventures. CEO Yuri Frayman stated that the new money will bring Cast AI’s total amount to $73 million. At the same time, he stated that it will be transferred to product development and to grow the startup’s team of more than 100 employees.
Co-Founded by Frayman, Leon Kuperman and Laurent Gil
It was jointly launched in 2019 by Frayman, Leon Kuperman and Laurent Gil. The trio’s inspiration came from Zenedge, a cloud-based cybersecurity company that Frayman, Kuperman and Gil had previously co-founded (and Oracle acquired in 2018). Using Cast AI, Frayman and his team sought to build a tool that could automatically adjust cloud usage up and down while optimising cost, and provide insights into how cloud resources (particularly Kubernetes clusters) were being actively provisioned. Kubernetes, an open system for automating software deployment and management in environments called “containers”, is organised into clusters of machines running software. Cast connects to public clouds such as AWS, Google Cloud Platform and Azure. It uses models to analyse and autonomously adjust these clusters across servers.
We train our models on millions of usage data points collected every 15 seconds, covering anonymised CPU and memory usage across all global regions and all cloud providers. We are able to predict future lower computing prices to influence future batch workload planning. It’s like searching for a cheaper flight on Kayak and booking a future date that is cheaper. We also have customer-specific models of workload seasonality that enable the Cast AI platform to be proactive rather than purely reactive to current workload requirements. As organisations become increasingly cloud-based, our impact becomes more relevant to senior executives. Customers are turning to solutions from companies like Cast AI because they need an unbiased source of truth to help them solve the FinOps problem. We don’t care if Google, Amazon or Microsoft makes more money; ultimately, we are responsible for customer savings, and that’s what we deliver.Frayman