SAN FRANCISCO--(BUSINESS WIRE)--Ternary Inc., the first native FinOps Cloud Cost Management (CCM) tool built for Google Cloud Platform (GCP), raises $1.6 Million in initial funding led by Greycroft, Oceans Ventures, Operator Partners, Great Oaks Venture Capital and Correlation Ventures with participation from key industry angels.
Ternary creates tools at the intersection of Finance and Engineering with features based on FinOps principles. FinOps is the operating model for managing the variable spend of cloud: a combination of systems, best practices and culture that ensures companies get the most value out of every cloud dollar spent.
“As more customers are moving to GCP and using its innovative features to accelerate their businesses, they are actively looking for ways to ensure that their cloud budgets meet their objectives. Budget overspend is a serious issue. Finance teams and executives need cloud spend visibility while developers need financial guardrails, not gates,” said Sasha Kipervarg, CEO of Ternary.
Ternary encourages Engineers to review and make smart decisions on cost optimizations. Ternary helps create a culture of accountability, collaboration and trust between finance and engineering so the company can focus on growth and innovation.
“The team at Ternary felt the pain of managing cloud spend themselves as former tech ops leaders: they experienced the challenge of getting engineering and finance teams to collaborate on cloud spend. That experience compelled them to build their platform based on FinOps principles,” said J.R. Storment, Executive Director of the FinOps Foundation.
Ternary is built for Google Cloud on Google Cloud and offers visibility and recommendations for GCP services including Compute, Storage, BigQuery and Kubernetes as well as budget forecasts, anomaly detection and optimizing Committed Use Discounts (CUDs) and Sustained Use Discounts (SUDs).
“Getting a resource waste report with hundreds of line items from the existing cost management tools is just not cutting it. It is overwhelming to coordinate a fix. We need to scope and properly assign the cost-saving work items, prioritize them against product development, and handle waste exceptions. With more than fifty scrum teams, we crave a cost management platform like Ternary that will help us orchestrate that work,” said Gil Shklarski, CTO of Flatiron Health.
Ternary is taking a partner-first approach and going to market with ecosystem partners, including SADA, Cloudwerx and Katana1. Ternary Partners already have the best understanding of their customers' cloud budget challenges and Ternary enhances those relationships with best-in-class GCP cost optimization tools.
"As we manage customers on Google Cloud, we help them understand and control their cloud budgets. Forecasting and optimizing their cloud spend to save money is a top priority," said John Campbell, Vice President of Customer Success & Innovation at SADA, the 2019 and 2018 Google Cloud Global Partner of the Year. "SADA is all-in on Google and we love Ternary’s Google Cloud-first approach to better serve our mutual customers with greater insights to make better decisions.”
Ternary helps companies optimize their Google Cloud Platform (GCP) utilization by providing spend visibility, suggesting savings opportunities, and facilitating collaboration between engineering and finance teams. www.ternary.app