The round, led by Salesforce Ventures, brings the company's total funding to $36M amidst rapid U.S. expansion
NEW YORK, NY / ACCESSWIRE / November 12, 2024 / PointFive, the leading cloud cost optimization platform, announced today that it has secured an additional $20 million in Series A funding, bringing the company's total capital raised to $36 million only 18 months since the company's inception.
The round was led by Salesforce Ventures, with participation from all existing investors - including Index Ventures, Entree Capital, Sheva VC, and Vesey Ventures. Investors also include notable angel investors such as Mickey Boodaei (Transmit Security, Trusteer, Imperva), Dean Sysman (Axonius), Amiram Shachar (Spot, Upwind), Raanan Raz and Kfir Tishbi (Avalor Security).
The recent funding accelerates PointFive's mission to enhance engineering efficiency through its DeepWaste Detection Engine and will support the company's expansion into multi-cloud environments, including recently announced GCP support and upcoming Azure capabilities.
According to RightScale, 31% of enterprises spend over $12M on public cloud services every year. PointFive's platform uniquely addresses the challenge of cloud cost management by taking a fresh approach to identifying hidden or overlooked cost inefficiencies, going beyond the low-hanging fruit, and providing actionable, automated remediation steps that engineering teams can easily implement.
"Our mission is to empower enterprises to transform cloud cost optimization from a reactive process into a proactive strategy, making cost efficiency a core principle of sound engineering," said Alon Arvatz, CEO and Co-Founder of PointFive. "This funding will enable us to further advance our technology, which delves deeper than any other solution to expose hidden inefficiencies and drive actionable change. I would like to thank our new investors, as well as those who continue to support us, for their vote of confidence in our platform and vision."
In just 18 months since emerging from stealth, PointFive counts major tech companies like Fanatics, Elastic, BHN, and Checkmarx among others as paying customers, while scaling its operations and capabilities to meet the growing demand for a new approach to cloud infrastructure and cost management. PointFive plans to significantly expand its team and scale its sales and marketing efforts in the U.S.
PointFive's DeepWaste engine leverages deep research methodologies inspired by cyber intelligence. It analyzes cloud infrastructure at a granular level, similar to how threat detection systems identify vulnerabilities in cybersecurity. This approach allows PointFive to surface inefficiencies, misconfigured infrastructure and hidden resource waste that other tools overlook. Its agentless, read-only solution continuously scans cloud environments, using advanced AI models and cyber-like cloud research methodologies to uncover saving opportunities and offer clear, automated pathways to remediate and optimize cost inefficiencies without disrupting engineering workflows. PointFive identifies savings opportunities of 15-30% of enterprises' total cloud spend, enabling them to operate more efficiently.
The platform covers a broad range of cloud services, including DynamoDB, EKS, VPC networking, EC2, RDS, and S3, enabling deep optimization across databases, storage, and networking resources to uncover hidden inefficiencies and drive substantial cost savings.
"As companies continue to scale rapidly, PointFive's platform ensures enterprises maintain optimal efficiency by surfacing deep cloud inefficiencies, allowing them to focus resources on growing their core business," said Nowi Kallen, Managing Director, Salesforce Ventures. "We are excited to support the acceleration of PointFive's platform and look forward to seeing the value they bring to customers through multi-cloud coverage."
"We came to PointFive at the start of a large internal effort to move much of our infrastructure from our data centers to the cloud while refactoring our applications' architectures to work seamlessly in the cloud," said Noam Blidstein, Head of Global IT Operations at Cross River Bank. "These efforts required us to seek out a single application to monitor new resources being created, historical cloud spend over time, and opportunities to remove cloud waste and optimize our cloud resources. PointFive is pivotal to provide us the visibility we need to monitor resource usage and spend over time while also understanding opportunities where we can optimize our resource utilization."
About PointFive
PointFive specializes in cloud cost optimization and identifying cloud waste to help customers achieve greater efficiency. Utilizing its proprietary DeepWaste Detection Engine, built on cyber-inspired methodologies and advanced AI models, PointFive identifies cloud waste that traditional tools miss, providing actionable insights and long-term management solutions. The platform offers enterprises actionable insights and continuous management solutions, fostering collaboration between FinOps and engineering teams and driving sustainable, long-term cost efficiency.
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SOURCE: PointFive
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