Cloud monitoring and management company Cloudability has closed a Series A investment round of $8.7 million, led by the Foundry Group, the company said this week. Other participants in the round include 500 Startups, Trinity Ventures and Wieden + Kennedy. Cloudability has announced that Jason Mendelson, Managing Director for Foundry Group, and Jason Seats, Managing Director of Tech Stars Cloud and the founder of Slicehost, have joined its board of directors.
Cloudability said the funding will help its expand its operations to respond to growing demand for cloud cost management tools. The company said it will further expand its engineering and marketing teams, build out new features and accelerate its platform development.
“Cloud and hybrid IT models can offer companies of all sizes tremendous value and cost savings when used correctly,” said Mat Ellis, Founder and CEO of Cloudability. “However, costs can easily get out of control if not managed wisely. Many companies use multiple cloud vendors and accounts, developers turn on and off instances outside of management’s knowledge, reserved instances are not always used for maximum ROI, and much more – Cloudability simplifies cost management and monitoring for the full spectrum of cloud computing.”
“Organizations use a variety of difference cloud vendors for their operations, and Cloudability is the only cost manager on the market to integrate with nearly all of them,” said Jason Mendelson at Foundry Group. “Cost and ROI are still a major barrier for companies and their IT departments, but Cloudability makes it possible to make the most out of the cloud. Its executive team, technology and overall usability have set them a part as a true leader for the advancement of cloud computing.”
Cloudability was founded in 2011 and has 15 employees. The company tracks more than $123 million in cloud spend for over 3,000 customers, in over 80 countries around the world. Cloudability is free to use.