Spotinst, an AI based workload management platform for businesses to manage their compute infrastructure across different cloud providers, raised $35m in a Series B funding.
The round was led by Highland, with participation from existing investors Leaders Fund, Intel Capital, and Vertex Ventures.
The company, which has now raised approximately $52m since launch, intends to use the funds to increase its market share of the cloud optimization space, and double-down on its Serverless and Containers platform.
Founded by Amiram Shachar, Liran Polak and Aharon Twizer in 2015, Spotinst provides an AI based workload management platform which allows companies to manage and optimize their cloud computing spend across several cloud providers by tapping into excess compute capacity in data centres operated by Amazon Web Services, Microsoft Azure and Google Cloud.
The platform can intelligently manage, provision, and orchestrate compute capacity in the public cloud. It uses predictive machine learning algorithms to identify and predict when discounted opportunities become unavailable. When they do, Spotinst automatically migrates applications to available capacity, without compromising on availability.
Customers range from large enterprises including Sony, Samsung, Unilever, Qualcomm and Ticketmaster to hundreds of SMEs in the U.S and EMEA.
The majority of customers are in North America, while Europe is the second largest market.
The company currently has approximately 100 staff across four offices: San Francisco, New York, London, and Tel Aviv and plans to double that number in the next 12 months.