Technology start-up Spotinst has raised $35m to develop its AI system which tells users when discounted excess cloud computing capacity is available from major providers. The series B round was led by Highland Europe and included Intel Capital, Vertex Ventures and Leaders Fund. In a blog post, the company said it had been working with Intel, Cisco, Microsoft and others on developing an “intelligent cloud” that would help companies manage their data in real time. The firm said it clustered the excess capacity and automatically moved clients’ applications to another provider when that provider’s cheaper capacity began.
Technology start-up Spotinst has raised $35m to develop its AI system which tells users when discounted excess cloud computing capacity is available from major providers. The series B round was led by Highland Europe and included Intel Capital, Vertex Ventures and Leaders Fund. Spotinst said it could save users 80% of their cloud spend by making it easier for them to spot upcoming excess capacity which was often sold at a heavy discount. The firm said it clustered the excess capacity and automatically moved clients’ applications to another provider when that provider’s cheaper capacity began.