TEL AVIV, Israel--(BUSINESS WIRE)--Spotinst, a leading cloud workload management company, announced today a $15M Series A financing round, led by Intel Capital and Vertex Ventures with participation from Springtide Ventures.
Spotinst makes it easy to tap unused cloud computing capacity and power. Since launching 18 months ago, the company has proven the concept by selling millions of spot Instances per week. Over the last year, Spotinst grew 30% month over month, and now manages hundreds of millions of computing hours for its customers.
“When we floated the idea of virtual cloud infrastructure two years ago, many said that it could not be done,” said Amiram Shachar, Founder and CEO of Spotinst. “But since then companies and developers voted with their workloads. We appreciate their confidence and support from our investors. The proceeds will help Spotinst grow, and take us closer to our vision of a cloud of clouds.”
“Spotinst has achieved impressive growth in a short period of time by meeting a clear need with the right solution,” said Wendell Brooks, senior vice president of Intel Corp. and president of Intel Capital. “Automating the delivery of highly available cloud workloads allows enterprises to unlock substantial cost savings, without compromising workload delivery. We look forward to working closely with Spotinst to help customers optimize their cloud deployments.”
“We liked the value proposition of making the cloud less-expensive, and the impressive product-market fit that the Spotinst team achieved, “said Aviad Ariel, General Partner of Vertex Ventures. ”But we are truly excited by the opportunity for Spotinst to grow into a multi-cloud DevOps platform that makes the cloud more accessible and affordable for every organization.”
Spotinst's machine learning-based virtual IaaS platform allows enterprises and startups to gain unprecedented cloud workload management capabilities. The company was founded by CEO Amiram Shachar; Chief Architect Liran Polak; and Aharon Twizer, CTO. Spotinst’s core technology is based on a unique predictive algorithm that delivers the most effective cloud option, ensuring reliability and stability, while saving customers up to 80% on cloud computing costs. Spotinst works with Amazon Web Services and recently introduced support for Google Cloud Platform and Microsoft Azure. https://www.spotinst.com/
About Intel Capital
Intel Capital, Intel's strategic investment organization, funds innovative startups targeting computing and smart devices, 5G connectivity, cloud, datacenter, artificial intelligence, merged reality, automated driving, the Internet of Things, robotic technologies, immersive entertainment and semiconductor manufacturing. Since 1991, Intel Capital has invested US$12.2 billion in 1,480 companies worldwide, and 627 portfolio companies have gone public or been acquired. Through its business development programs, Intel Capital curates thousands of introductions each year between its portfolio executives and Intel's customers and partners in the Global 2000. For more information on what makes Intel Capital one of the world’s most powerful venture capital firms, visit www.intelcapital.com or follow @Intelcapital.
About Vertex Ventures Israel
Vertex Ventures is a leading global venture capital group supporting entrepreneurs to transform their innovative ideas into world-class businesses. With cumulative committed capital in excess of $2.5 billion, Vertex invests in early-stage IT and healthcare opportunities in China, Silicon Valley, India, Israel, and South East Asia. Since 1988, Vertex is honored to have partnered with the founders of global leaders such as Waze, 91, Grab, IGG, CyberArk, Reebonz, SolarEdge, Force10, FirstCry, Yatra and Changba. Vertex Ventures Israel is one of the pillars of the Vertex Group's network of Funds focusing on early stage opportunities in the Information Technology sector in Israel. Learn more at: http://www.vertexventures.com/israel