CloudZero Inc., a startup specializing in cloud cost optimization software, announced a significant $56 million Series C funding round. The round was led by BlueCrest Capital Management and Innovius Capital, with participation from notable investors including MongoDB Inc., Matrix Partners, Threshold Ventures, Underscore VC, and G20 Ventures. This brings CloudZero's total external funding to over $85 million.
CloudZero's platform helps enterprises manage and reduce their cloud spending by automating the normalization of cloud billing data from various providers. The software then breaks down costs by source, allowing businesses to pinpoint areas for optimization, including Kubernetes cluster spending and long-term purchase agreements. The platform also incorporates AI to detect spending spikes and forecast future cloud expenses.
The newly acquired funding will be used to accelerate CloudZero's go-to-market strategy, focusing on building partnerships and expanding its platform's capabilities. This includes developing new integrations with developer tools and enhancing forecasting features. The company reported triple-digit growth in the past year, currently managing over $14 billion in cloud spending for its customers.
CloudZero's success highlights the growing need for efficient cloud cost management solutions as businesses increasingly rely on cloud infrastructure. The substantial investment underscores investor confidence in the company's innovative approach and market potential.
