Cloud Savings Leader Usage.AI Announces $9 Million VC Financing Round

NEW YORK, Sept. 12, 2023 /PRNewswire/ -- Less than 18 months from launch, Usage.AI, a leader in identifying cloud savings, has raised $9 million in a round led by Amity Ventures and existing investors TenVC, JAM Fund and Backend Capital. Usage.AI's previous round was led by prominent private investors (including Justin Mateen, who is ranked #1 on Insider's Top 100 Seed Investor List) and quickly became the world's easiest and fastest way for companies to save money on their cloud spend.

Kaveh Khorram, founder and CEO of Usage.AI, said: "I am grateful that so many customers, from 100 at the beginning of the year, to 300+ global enterprises now including the likes of Deel, Zumba, EVGo, FabFitFun, Secureframe, and Motive, have trusted in Usage.AI to help them save on cloud costs and accelerate the growth of their businesses. We will use this capital to stay aggressive on the product roadmap and ship features and products that our customers want. Our vision is to consolidate many fragmented cloud savings and management tools into one end-to-end AI-driven platform".

Patrick Yang, Co-Founder and General Partner at Amity Ventures, said: "Each partner only makes 0 to 2 investments per year and, while there are other cloud savings offerings in the market, Usage.AI's explosive growth validated that they have a best-in class product that customers of all sizes can trust. Even though they were already profitable, Kaveh wanted more capital to move faster on his vision to become a compound startup, similar to the likes of Rippling or Wiz, that will help companies manage and optimize their entire infrastructure stack. We are excited to be a part of their journey and look forward to helping them define an emerging category."

Alex Bouaziz, Chief Executive Officer at Deel, said: "At Deel, efficient cloud operations are essential. We selected Usage.AI for its comprehensive coverage, cost-saving capabilities, customer-centric approach, and automation. Now, our engineering team can focus on customer-centric tasks, not just cloud expense management."

About Usage.AI
Usage.AI's savings platform includes multiple modules covering a customer's compute and database services, allowing organizations to consolidate their cloud savings program to a single platform that is built natively for the cloud. 

Usage.AI scans every layer of a customer's cloud environment to provide complete visibility, and uses its Autopilot software to immediately identify and implement the savings with zero code change, zero downtime, and zero risk. Customers can achieve savings as high as 60% in as little as 5 minutes. Customers can try Usage.AI's optimization tool with a no obligation read-only savings test, and then only pays a percentage of any realized savings.

For more information about Usage.AI and its cloud savings solution, please visit www.usage.ai or contact [email protected].

SOURCE Usage.AI