July 12, 2012
Note – As detailed below, I’m an investor and adviser to Cloudability – disclosure is important so feel free to peruse my disclousre page.
It’s exciting times at Cloudability HQ as the team announces an awesome $8.7M Series A round led by the awesome crew from Foundry Group. I first came across Cloudability during their launch last year at Structure – I was instantly excited and that led me to accept an invitation to come on board as an adviser, and then take part in their initial angel round. Fast forward 12 months and here’s an awesome validation of what Mat and team have built – $8.7M in funding from some great names like Foundry, 500 Startups, Trinity. Also the untold part of this is the number of small initial investors who are taking part in this subsequent round (myself included).
Building a startup is all about executing cleanly – I’ve continuously been impressed by just how well the team have built out their product, chosen and executed the right partnerships and hired some super smart people to help them on their way. While there are no sure things in this world, least of all in tech, this is one deal that I feel pretty comfortable about.
Full release copied below – congrats to everyone on the team!
Cloudability, the only way to easily manage and monitor all of your cloud costs in one place, today announced that it has closed a Series A investment round of $8.7 million, led by the Foundry Group. Other participants in the round include 500 Startups, Trinity Ventures and Wieden + Kennedy. Additionally, Cloudability has announced that Jason Mendelson, Managing Director for Foundry Group, and Jason Seats, Managing Director of TechStars Cloud and the founder of Slicehost, have joined its Board of Directors.
Cloudability is rapidly expanding its overall operations in response to an increasing demand for scalable cloud cost management. The Series A round will help further expand its engineering and marketing teams, build out new, advanced features and accelerate platform development and additional cloud-service integrations. Cloudability is making cloud computing and hybrid IT models cost-effective and manageable for all companies – from SMBs to large, enterprise organizations.
“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.”
According to a recent survey, 53% of respondents believe that cloud computing is more cost effective than in house infrastructure, and creates a less complex IT workflow, which shows sentiment for cloud computing gaining positive traction. Cloudability provides the tools necessary to get the most value out of cloud computing and streamlines the management of cloud usage and costs for improved IT workflow within any organization.
Since its launch in 2011, Cloudability has grown to over 15 employees and tracks over $123 million in cloud spend for over 3000 customers, in over 80 countries around the world. It has continued to expand its breadth of cloud integrations, and now enables customers to track all of their accounts, be it IaaS, PaaS and/or SaaS, from over 90 cloud vendors. Cloudability is free to use.