Cast AI, an application performance automation (APA) platform, has raised $108m in its Series C funding round to expand cloud automation to more markets.
The over oversubscribed round was led by G2 Venture Partners and SoftBank Vision Fund 2.
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It saw participation from Aglaé Ventures and existing partners Cota Capital, plus Hedosophia, Vintage Investment Partners, Creandum, and Uncorrelated Ventures.
By leveraging machine learning algorithms, Cast AI provides real-time analysis and optimisation of clusters, which helps to reduce cloud expenses, secure Kubernetes applications, and enhance DevOps productivity.
The latest funding round has propelled the company’s valuation to $850m, reported Reuters.
Cast AI plans to use the proceeds for enhancing automation platforms and expanding operations.
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By GlobalDataCast AI CEO and co-founder Yuri Frayman said: “APA didn’t exist five years ago, because we hadn’t invented it yet.
“This round fuels our continued expansion of a category we created, and pushes the boundaries of what is possible in cloud automation.”
Cast AI CTO and co-founder Leon Kuperman said: “Enterprises are no longer satisfied with static dashboards and manual tuning knobs.
“They want automation that works out of the box, improves performance continuously, and gets smarter over time. APA is the answer, and this funding enables us to accelerate that promise globally.”
Cast AI’s platform is designed to help businesses minimise cloud costs and optimise performance by automating the utilisation of cloud resources, including CPUs and GPUs.
The company has a global customer base of 2,100 companies, with clients such as Akamai, BMW, FICO, and HuggingFace.
Cast AI president and co-founder Laurent Gil said: “Cast AI now enables the instant deployment of hyper-efficient GPU instances in Kubernetes clusters. As the go-to platform for running AI workloads efficiently, we are committed to driving innovation and helping our clients unlock the full potential of AI.
“We are excited to partner with SoftBank, a company that shares our vision of transforming how businesses harness the power of AI.”
