Finout's $26M Series B Paves Way for Future of FinOps

By Greg Tavarez, TMCnet Editor  |  June 03, 2024

Gartner forecasts a surge in global public cloud spending. They predict a 20.4% increase in 2024, reaching $678.8 billion. This emphasizes how dependent businesses have become on cloud-based resources.

However, alongside this growth comes a challenge - effective cost management. As cloud adoption expands, businesses struggle to keep track of their spending. Detailed bill analysis and complex cost allocation tools are often necessary but can be time-consuming and cumbersome.

To address this, enterprises need a consolidated view of their cloud expenses. This unified perspective would allow for more efficient management and potential cost savings. Achieving this might involve implementing cloud cost management platforms or exploring solutions offered by cloud service providers themselves.

Hoping to deliver those outcomes is Finout, and the FinOps-for-enterprise company took a step forward with a $26.3 million Series B funding round led by Red Dot Capital with the participation of Maor Investments and existing investors - Team8, Pitango, and Jibe Ventures.

Finout is an enterprise-grade FinOps solution that helps companies easily allocate, manage and reduce their cloud spending across their entire infrastructure. Finout’s solution provides the entire organization with complete visibility and context for their cloud costs to help them save money, work smarter and innovate more profitably, all without adding code or an agent.

Finout’s complete FinOps platform is used by global brands, including Lyft, the New York Times, Choice Hotels, Wiz, Tenable and Appsflyer, to optimize cloud expenditure and allocate costs across all cloud providers and services.

“Large enterprises are increasingly turning to our platform to address their FinOps challenges," said Roi Ravhon, co-founder and CEO of Finout. "Building an in-house solution isn't practical because of the work, complexity and dynamic nature of supporting multiple cloud environments. We see many enterprises turning to Finout to manage their data layer, allowing them to focus on their own FinOps logic, seamless integration with existing systems and supporting the implementation of FinOps culture at scale."

The funding brings the total raised by Finout to $45 million.

Edited by Alex Passett
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