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Cloudability Raises $8.7 Million Series A Round for Rapid Expansion, Led by Foundry Group
PORTLAND, OR, Jul 12, 2012 (MARKETWIRE via COMTEX) --
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 different 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.
To learn more about Cloudability and begin maximizing the efficiency
of cloud services today, visit cloudability.com. To view career
opportunities at Cloudability, visit cloudability.com/jobs.
About Cloudability
Cloudability is the first and only financial
management tool for monitoring and analyzing every cloud expense
across any organization. It brings transparency to how and where
organizations spend money on cloud resources, giving them the power
to reap the most value from cloud usage possible. It aggregates
expenditures into accessible and comprehensive reports, helps
identify new opportunities for reducing spend and increasing cloud
efficiency, offers budget alerts and recommendations via SMS and
email, provides APIs for connecting cloud billing and usage data to
any business or financial system, and more. Cloudability currently
supports over 90 Cloud service providers with complete integrations
for AWS and Rackspace. Based in Portland, Oregon, the TechStars Cloud
graduate was founded in 2011 and is backed by 500 Startups, the
Foundry Group, Trinity Ventures and Walden Venture Capital. For more
for information, visit www.cloudability.com.
Media Contact
Jennifer Lankford and Vanessa Camones
theMIX agency for Cloudability
Email Contact
SOURCE: Cloudability
http://www2.marketwire.com/mw/emailprcntct?id=9969CC4DF44B9B23
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