Infosys – India’s second largest software exporter – has announced it has invested $4 million in the cloud cost management and optimization firm Cloudyn – An Israeli firm formed in 2011 to help businesses get a better ROI on their cloud investment. Cloudyn’s software-as-a-service cloud cost optimization platform gives businesses visibility into how their cloud spend is being utilized across multiple providers and provides them with cost saving opportunities allowing them to eliminate wasted cloud spending. For large enterprises, those cost savings can be considerable.
Cloudyn first developed its cost saving platform for use on AWS the largest player in the cloud platform market – but has since expanded support to include many other cloud platforms including IBM SoftLayer, the Google Cloud Platform, and Rackspace. The Israeli firm is also working on adding support for Microsoft Azure.
The company now has thousands of clients, including many Fortune 500 firms, and has enjoyed substantial annual growth and is now generating revenues of over $3 million a year.
For Infosys this is the second major investment in an Isreali firm, having also invested $4 million in Cloud Endure Ltd., a provider of cloud disaster recovery solutions that also helps businesses migrate their applications to the cloud. Infosys has taken the money for both of these investments from a $500 million innovation fund, which has now been used to buy stakes in eight startups. The $4 million investment in Cloudyn will only buy the firm a minority stake.
Cloudyn has now raised more than $16.5 million in three funding rounds prior to the latest investment from infoSys, with previous investors including RDSeed, Titanium Investments, and Carmel Ventures. The Infosys investment is expected to be completed by August 15, 2016.