Cota Capital, a global venture capital firm with a portfolio of investments in modern financial, cloud and biomedical companies, has become a major investor in the Series A round. Samsung Next and other investors also took part in the round, according to a press release.
Cast AI CEO Yuri Frayman says the idea to create a platform that uses artificial intelligence to optimize cloud computing without much additional intervention by a team of engineers came from the development of cybersecurity startup Zenedge, which was later acquired by computer technology corporation Oracle.
“The challenge of optimizing cloud resources and the growing accounts of Amazon’s cloud computing services in the creation and development of Zendege have provided an incentive to start thinking about a tool to help reduce costs and manage resources. Moving data to the cloud has become a symbol of the development of innovation in our age, but hard-to-control costs and a lack of talent are a challenging challenge for both large organizations and growing startups. It is estimated that in 2020 alone. companies lost about $ 17 billion due to not choosing the right path to optimizing cloud resources, ”said Cast AI CEO.
“The received investment will accelerate product development and ensure faster development. Cast AI will continue to move purposefully towards its vision of developing an artificial intelligence-driven cloud optimization tool. The goal of the platform is to provide as much measurable value as possible to all our current and future customers, ”says Y. Freyman.
According to the head of the company, the received investment will also be used to attract new employees. Both in the short and long term, active team development is planned – it is planned to look for programmers, sales and marketing specialists.
Although the company operates in Florida, Lithuania has the only office outside the United States, which currently employs more than 30 people. The operation center operating in Vilnius creates 95 percent. Cast AI software.
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