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Cloudability Closes $1.1 Million Investment RoundLed by Trinity Ventures and Walden VC, Seed Financing Will Enable Cloudability to Meet a Growing Demand for the Management of Cloud Costs and Services (December 22, 2011)
PORTLAND, OR -- (Marketwire) -- 12/22/11 -- Cloudability, the easy way to manage and monitor all of your cloud costs in one place, today announced that it has closed a Seed investment round of $1.1 million, led by Trinity Ventures and Walden VC. The round also includes $255K in funding from a local consortium of Portland-based angel investors -- over half of the angel money in the round. Cloudability will use the Seed round to expand its engineering team, accelerate platform development and additional cloud-service integrations, and strengthen its position as the leading choice for businesses to manage their cloud costs and services.
Cloudability addresses the growing need to increase efficiency of cloud-use and provide cloud users with a simple way to monitor cloud costs, helping them avoid unnecessary overages and unused instances. Part of the Amazon Web Service (AWS) Solution Provider program, Cloudability offers access to cloud billing and usage data from over 80 providers like AWS, Rackspace and Heroku via an API, and connects to any business, financial system or web app they choose.
"Cloud usage continues to grow rapidly across industries -- few companies are left that haven't adopted cloud services in some form by now," said Mat Ellis, CEO and co-founder of Cloudability. "We give our customers peace of mind that they're protected from overages. We're thrilled that our investors see the value in our services and the opportunity for tremendous growth in our business over the coming year."
"Cloud computing continues to see massive adoption as the trend democratizes IT across all verticals and market segments," said Karan Mehandru at Trinity Ventures. "While cloud services are meant to make business operations easier, flexible and more affordable, they often end up doing just the opposite. Cloudability makes it possible for any company to run cloud services, and makes managing and monitoring those services easier than ever before."
Since its beta launch Cloudability has signed up over 1,000 active companies to the platform, and is currently managing over $21 million in cloud spend. To learn more about Cloudability and begin maximizing the efficiency of cloud services today, visit cloudability.com.
Cloudability is the easy way to manage and monitor all of your cloud costs in one place. Cloudability aggregates cloud expenditures into accessible and comprehensive reports to understand and manage costs, reduce waste, and identify opportunities for cost savings with alerts and efficiency recommendations. As a member of the Amazon Web Services Solution Provider program, Cloudability supports over 80 Cloud service providers, and offers JSON and XML APIs for connecting cloud billing and usage data to any business or financial system. Cloudability is based in Portland, Oregon, and was founded in 2011 by Mat Ellis, J.R. Storment and Jon Frisby. The company is backed by Trinity Ventures, Walden VC, and a local consortium of Portland-based angel investors. For more for information, visit www.cloudability.com.
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