Cloudability raises $24 million to grow its cloud cost management platform

Cloudability, a Portland-based startup providing financial management tools that allow companies to track and analyze their cloud spending, has raised $24 million in a Series B round led by the Foundry Group. This takes the company’s total amount raised past the $40-million mark.

Founded in 2011, Cloudability helps firms track trends and spikes in their cloud infrastructure spending and sends reports and alerts if they’re about to go over budget. It’s not the only company operating in this space — Israeli startup Cloudyn raised $11 million for something similar just six months ago, while in March of last year, Cloudability acquired the assets of one-time competitor CloudVertical.

With public cloud infrastructure spending growing more than 20 percent to $29 billion in 2015, companies such as Cloudability are carving a niche for themselves by helping businesses optimize their spending on vital cloud services — such as Amazon Web Services and Microsoft Azure. Cloudability claims it can save organizations around 30 percent on cloud costs in the first six months.

“As enterprise companies move more of their IT spending to public clouds, they need new tools to manage and optimize their spending and to make sense of the mountain of billing and usage data that big clouds generate every day,” said Mat Ellis, CEO of Cloudability. “For five years, Cloudability has been helping companies like GE, Uber, and Atlassian to rapidly build bigger and more complex clouds with confidence and control.”