Spotinst Raises $15M A Round Led by Intel Capital and Vertex VenturesJuly 18, 2017
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.
“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.”