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Cloudability, a company that helps people manage cloud services spending, has secured $1 million in its latest investment round. This seed investment round was led by Trinity Ventures and Walden Venture Capital, including $250,000 in funding from Portland-based angel investors.
In November, Cloudability launched its beta service to help companies become more efficient with their cloud spending.
“We are focused on three main tasks: preventing big overages, saving time, and identifying areas of [spending] waste,” chief operating officer J.R. Storment said in an interview with VentureBeat.
Cloudability’s beta service gives its customers a clean and simple dashboard that shows their daily cloud spending and gives advice on how to spend their money efficiently.
Customers also get daily emails (shown right) so they can track their spending on the go.
Cloudability will also alert you to overages or unusual account activity, which can prevent massive bills. In one case, Cloudability helped a video streaming service find a security flaw and avoid overage costs when spammers uploaded over 24 terabytes of video to its servers.
The service supports more than 80 cloud service providers including Amazon Web Service, Salesforce and Rackspace and customers can use the dashboard to manage spending from multiple services. Cloudability’s beta is free for companies that spend up to $2,500 per month on cloud services. For higher levels of spending, services start at $49 per month.
“In the short term with the money, we will hire more engineers to grow our team considerably,” said Storment. “We will also plan to integrate a lot more services and give customers a snapshot of all of their services, from domain purchases to CRM management. We are going much wider in our reach of services and rolling out tools that will give actionable advice to customers so they can save money.”
With this latest $1 million round, Cloudability plans to expand its team and continue to develop its platform to keep up with a growing demand of its services. In 2012 it plans to roll out new services that help companies manage not only their cloud spending, but internal spending as well.
Since its beta launch in November 2011, Cloudability has signed up more than 1,078 active customers and now manages over $21 million in cloud spending. In 2012 it plans introduce an official release of Cloudability and add more services to help customers reduce waste in their business spending.
Cloudability was founded in 2011 by Mat Ellis, J.R. Storment and Jon Frisby. It currently employees seven people at its headquarters in Portland, Oregon. The company is backed by Trinity Ventures, Walden Venture Capital, and a group of angel investors based in Portland.