Rosh Ha’Ayin, Israel-based cloud cost management and optimization firm Cloudyn has announced it has secured a further $11 million in funding. Carmel Ventures led the latest funding round, with previous investors Titanium Investments and RDSeed also participating in the funding round. The latest funding round brings the total investment in the Israeli firm since September 2014 up to $15 million.
More and more businesses starting to take advantage of the public cloud, and while there are many benefits – including cost – of hosting infrastructure and applications in the cloud, there is considerable potential for wasted spending.
Cloud services are charged on time and capacity, but not on the resources that are actually used. Many firms end up paying for instances that are rarely used. Some firms are using more than 250 instances simultaneously and have been able to make considerable savings by analyzing and optimizing those resources and turning them off when they are not in use.
Cloudyn’s platform analyzes cloud deployments and gives firms visibility into their cloud resource usage. The platform then provides suggestions where resources could be better utilized, suggests schedules for turning off unused resources, and allows the process to be automated. The platform also generates alerts when usage reaches a pre-defined threshold or when cost thresholds are fast approaching. The platform works on multiple cloud environments and helps businesses select the ideal cloud platform if they are looking to switch providers.
The Cloudyn platform has proved popular with businesses as well as investors. The firm now monitors more than 200,000 virtual machines and over 12,000 applications used by thousands of companies. Not a bad achievement considering the firm was only firmed in 2011 and how competitive the cloud cost management and optimization market is., with strong competition from firms such as Cloudability, CloudRanger, Cloud Cruiser, and ParkMyCloud.