Cloud Computing Startup Spotinst Raises $35 Million

Tel Aviv-based cloud computing startup Spotinst Inc. announced Tuesday the completion of a $35 million Series B round led by Highland Capital Partners LLC. The round was joined by existing investors including Toronto-based Leaders Fund Inc., Vertex Ventures, and Intel Capital, the investment arm of chipmaker Intel.

For daily updates, subscribe to our newsletter by clicking here.

 

Founded in 2015, Spotinst offers cloud computing optimization services to software-as-a-service (SaaS) companies. Using machine learning algorithms, Spotinst monitors the availability and pricing of computation power offered by cloud services to optimize use by clients. Spotinst’s technology is available for cloud services including Amazon Web Services, Microsoft's Azure, and Google Cloud. Spotinst lists Sony, Samsung, Unilever, Qualcomm, and Ticketmaster as clients.

In 2017, Spotinst raised $15 million in a round led by Intel Capital and Vertex Ventures. The company has now raised approximately $50 million. Spotinst currently employs 100 people in offices in San Francisco, New York, and Tel Aviv. In May, co-founder and CEO Amiram Shachar told Calcalist the company was looking to recruit 50 workers for its Tel Aviv research and development center.