Spotinst provides a cloud service that buys and manages discounted excess capacity from major cloud providers and runs customers' workloads on those spot instances. The company uses machine learning and AI to predict instance availability and migrate customers between instances to support complex or mission-critical applications. Spotinst began with AWS spot instances and has expanded support to Google Cloud and Microsoft Azure; it also added support for AWS Lambda and reports rapid, exponential month-over-month growth in its containers offering. The business model charges customers a percentage of the money they save by using spot capacity. The company has about 100 employees and plans to double headcount in the next year across its U.S. office in San Francisco and its engineering office in Tel Aviv. A future roadmap item is enabling seamless cross-cloud moves to follow the best available prices. Spotinst offers a cloud-agnostic service that optimizes cloud utilization and cuts compute costs by leveraging AWS spot instances and Azure low-priority VMs. Its Elastigroup technology blends on-demand, reserved, and spot instances to maintain availability while minimizing spend. The platform also helps customers better utilize reserved and on-demand instances to reduce wasted capacity. Spotinst reported 30% month-over-month growth over the past year and now manages hundreds of millions of computing hours for customers. The company has launched Spotinst Functions, a multi-cloud serverless offering currently in private beta that supports AWS, Azure, Google Cloud and Packet and will soon add IBM and Oracle. Proceeds from the recent round are intended to help the company grow and advance its "cloud of clouds" vision. Spotinst builds a machine-learning-driven cloud utilization optimization platform that provides price prediction for advance alerting, monitoring of cloud metrics and atypical trend detection, optimal infrastructure utilization, automatic recovery and cost-aware actions. The platform exposes an API and a UI for high-level reporting and granular views of cloud deployments. The service currently optimizes deployments on Amazon Web Services and plans to introduce support for Google Cloud Platform and Microsoft Azure later in the year. The company is led by CEO Amiram Shachar. Spotinst raised capital to expand its operations.

Total raised

$52M

Funding rounds

3

Latest round

Series B

Latest activity

Aug 2018