August 28, 2018 / 1:05 PM / 3 months ago

Cloud optimizer Spotinst raises $35 million in private funding

JERUSALEM (Reuters) - Spotinst, an U.S.-Israeli startup that helps businesses to manage their computer infrastructure across different cloud providers, said it raised $35 million in a private funding round led by Highland Capital, bringing total funds raised to date to $52 million.

Existing investors Leaders Fund, Intel Capital, and Vertex Ventures also participated in the latest funding round, Spotinst said on Tuesday.

Spotinst, founded in 2015, said it helps companies achieve savings of 80 percent on average on regular cloud computing costs, by tapping into excess computing capacity in data centers operated by Amazon Web Services, Microsoft Azure and Google Cloud.

It said it will use the new funds to increase its market share of the cloud optimization space with an artificial intelligence platform.

Spotinst’s customers range from large enterprises including Sony and Ticketmaster to hundreds of small and mid-sized business in the United States, Europe and the Middle East, it said.

Reporting by Steven Scheer

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