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Vantage raises $21 Million Series A

Source: Vantage

Vantage, a FinOps platform that helps teams manage and optimize their cloud costs, today announced $21 million in Series A funding.

The round was led by Scale Venture Partners, with Partner Ariel Tseitlin joining the board of directors. Other participants include Andreessen Horowitz, who led Vantage’s $4 million seed round, Harpoon Ventures, Matthew Prince (Co-founder and CEO of Cloudflare) and other select individuals. Funds will be used for team growth and continued product advancements.

Vantage is a self-serve developer tool that allows engineering teams to manage and optimize cloud costs in conjunction with finance and operations counterparts. The company currently supports 10 cloud infrastructure and service providers: AWS, Azure, Google Cloud, Datadog, New Relic, Snowflake, Databricks, Fastly, MongoDB Atlas and Kubernetes. Most recently, Vantage launched Autopilot: A managed service that optimizes AWS bills by automatic buying and selling of financial commitments to yield up to 72% in savings.

"Yesterday's capital markets encouraged companies to grow at any cost. Today, it's all about efficient growth. The result is a renewed focus on what is often the biggest spend item: cloud costs," said Scale’s Ariel Tseitlin. "The challenge is that information isn't readily available in an actionable and easily digestible way. We saw this challenge first-hand, having invested in CloudHealth, which became the winner in the first generation of cloud management software. That's what got us so excited to lead Vantage's Series A. Vantage gives businesses an easy way to view, classify and, most importantly, reduce their cloud software spending. This is one of the fastest, easiest ways for companies of all sizes, in any industry, to manage their costs."

The Complete FinOps Platform
Vantage provides an all-in-one platform that supports organizations through every step of their cloud cost management journey. From Issues that can be assigned to engineers for cost accountability, to Savings Planner for financial modeling, to the new per-unit costs feature which maps cloud costs to customers, transactions and endpoints, Vantage enables enterprise-grade cost workflows for the cloud.

Because of its own highly efficient operational model and industry-leading technology, Vantage’s managed optimization service is offered at approximately one-third the cost of competitors like ProsperOps and Zesty, yet it provides more features and functionality that appeal to its rapidly growing, industry and stage-agnostic customer base for reporting and visibility use-cases. Vantage currently serves more than 300 companies, including organizations like NASA, Buzzfeed, PlanetScale, Barstool Sports, PBS, Panther Labs, Ripple, Compass, Rippling, Joybird, Starburst and more.

“Cost efficiency is always top of mind for us at Rippling,” said Albert Strasheim, CTO at Rippling. “Like many other companies, we leverage a suite of different cloud infrastructure providers like AWS, Snowflake and Datadog - each with their own bespoke, complicated pricing. After evaluating numerous other vendors in the market, we chose Vantage as our FinOps platform of choice because of the breadth of providers supported, enterprise-grade reporting & visibility features and its automated savings-as-a-service: Autopilot. More than 50 engineers on our team are now using Vantage on a regular basis to drive cost accountability throughout the organization.”

Vantage is helping organizations track over $1 billion in annualized infrastructure costs, evaluating spend for a large variety of customers in different industries and with different workloads. This exposure means Vantage can apply cost optimization learnings from the best infrastructure teams in the world to help all of its customers save money.

“For the last decade, businesses have been enjoying a bull market entirely focused on leaning heavily into top-line growth. Times have changed and we’ve now entered into the ‘era of efficiency’ where fundamentals are more in focus and bottom-line costs are being audited by every organization. Infrastructure costs represent an outsized contributor to most organizations’ COGS and an area where optimization is possible,” said Ben Schaechter, Co-founder and CEO of Vantage. “Now organizations can simply connect their various infrastructure accounts to Vantage, invite their teammates and begin saving money for each of the infrastructure providers they use.”

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