nOps, the leading AWS cost optimization platform, announced the closing of a $30 million Series A funding round led by Headlight Partners. nOps is empowering organizations across the globe to solve one of the largest IT challenges of the last decade – better understanding, controlling and reducing cloud spend. With the industry’s most comprehensive suite of visibility and automation tools for optimizing AWS cloud costs, the nOps platform is the only end-to-end solution that provides a holistic look into all factors of cloud optimization.
According to Gartner, worldwide end-user spending on public cloud services is forecast to grow by 20.4% in 2024, surpassing $675 billion. However, 30% of that spending is wasted on underutilized cloud resources, and 20% goes toward costly On-Demand pricing. This means organizations are leaving billions of dollars on the table. In fact, as many as 80% of companies report that they consistently go over budget on their cloud spend. nOps enables organizations to optimize AWS cloud costs to better align with strategic computing needs.
A FinOps Foundation member, nOps’ end-to-end platform, unlike point solutions, gives FinOps, DevOps, Engineering, and Finance teams complete visibility into their AWS costs. The platform uses artificial intelligence (AI) and machine learning (ML) to analyze compute needs and automatically optimize it for efficiency, reliability and cost. With awareness of all your AWS commitments and the AWS Spot market, nOps automatically fulfills your commitments and provisions additional compute to Spot. Further, with the rise in AI and generative AI specifically, cloud usage and costs are increasing. The nOps platform makes it easy to track and allocate AI workloads. nOps helps its clients manage more than $1.5 billion of AWS cloud spend, and has grown its customer base by 450% over the past 18 months.
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“Cloud usage, particularly with the emergence of compute-heavy AI workloads, has reached a tipping point. While various point solutions address specific cloud optimization needs, engineering teams do not have the time to manually manage and optimize the ever-growing complexity of cloud resources. Instead, they need one solution that provides complete visibility into cloud spend, automatic optimization and single-click cloud waste clean up so they can focus on innovation to drive company growth. This is why we founded nOps and why we have been so successful,” said JT Giri, CEO and founder of nOps. “With the support from Headlight Partners and our other investors, this funding will help us meet the growing demand for our FinOps platform. By empowering our customers to reliably optimize their AWS cloud usage and costs, while increasing productivity for developers and engineers, nOps is turning IT back into an innovation driver – not a cost center.”
By automatically optimizing an organization’s compute resources and spending, the nOps platform is different from other cloud and spend management offerings. The platform features three distinct solutions that deliver a more comprehensive approach to controlling AWS cloud spending, including:
- Business Contexts provides visibility into all AWS spending, from the largest resources to container costs – it automates and simplifies AWS cost allocation and reporting.
- Compute Copilot intelligently manages and optimizes autoscaling technologies to ensure the greatest efficiency and stability at the lowest costs.
- Cloud Optimization Essentials automates time-consuming cloud cost optimization tasks, including resource scheduling and rightsizing, stopping idle instances, and optimizing Amazon Elastic Block Storage (EBS) volumes.
“nOps has built a proven platform that its customers love and we are thrilled to partner with the company on its next phase of growth,” said Jack Zollicoffer, Co-Founder at Headlight Partners. “We see organizations struggle to rein in AWS cloud spending. nOps brings a unique, more holistic approach that marries optimizing cloud cost while ensuring reliable availability of compute services. This provides its nOps customers with the confidence that they’ll never pay more than necessary for the cloud services required to run their business.”
The new capital will be used to accelerate the development of nOps‘ industry-leading FinOps platform, further expand integrations with AWS products and open-source technologies like Karpenter, and improve the customer experience.
nOps seamlessly integrates and automatically optimizes Amazon Elastic Kubernetes Service (EKS), Amazon EC2 Auto Scaling Groups (ASG), Amazon Elastic Container Service (ECS), and Karpenter – setting it apart in the market.
SOURCE: BusinessWire