PointFive Raises $20M in Series A to Fuel Expansion and Enhance Cloud Cost Optimization

PointFive, the New York-based cloud cost optimization company has raised $20 million in Series A funding to accelerate its growth and strengthen the capabilities of the platform. Salesforce Ventures led the round with existing investors Index Ventures, Entree Capital, Sheva VC, Vesey Ventures, and several notable angel investors, including Assaf Rappaport and Mickey Boodaei, among others.

The funds from the investment will be used to expand PointFive’s multi-cloud offerings, which include newly announced support for Google Cloud Platform (GCP) as well as upcoming capabilities for Microsoft Azure. Expansion will further enable PointFive to reach new customers and deepen cloud cost management solutions across different types of cloud environments.

PointFive is led by chief executive Alon Arvatz, who runs a cloud cost optimization platform powered by its proprietary DeepWaste Detection Engine. This engine uses cyber-inspired methodologies and the most advanced AI models in detecting wastes within cloud infrastructure -it gives organizations actionable knowledge for reduction of waste so that their spending on the cloud can eventually be optimized.

With PointFive, all the different cloud services including DynamoDB, EKS, VPC networking, EC2, RDS, and S3 can be optimized to make help businesses save on costs, especially on storage, databases, and networking resources. PointFive helps businesses find hidden inefficiencies in their cloud environments so that they might cut costs dramatically while ensuring that their cloud environments are efficient and scalable.

Since emerging from stealth mode only 18 months ago, the company, PointFive, has already managed to sign up major tech companies like Fanatics, Elastic, BHN, and Checkmarx as paying customers. The company is growing fast in order to meet the increasing demand for smarter cloud infrastructure and cost management tools.

With the new funding, the company will hire more talent and ramp up its sales and marketing efforts to gain such momentum in the U.S. PointFive is uniquely positioned for cloud cost optimization leadership by focusing on AI-driven solutions and the ability to support multiple cloud environments, which is a must-have for enterprises striving to take greater control over their cloud spend.