Lithuanian startup CAST AI raises ＄20M from Creandum
17 March, 2023, 11:22
Lithuanian startup CAST AI has raised $20 million in new funding led by early-stage venture capital fund Creandum. The company provides an all-in-one optimization platform that can cut cloud bills in half, optimize DevOps, and automate disaster recovery.
- Founded in 2019, CAST AI is a Miami-based intelligent cloud-native automation and cost management startup that has a European branch in Vilnius, Lithuania. The company provides an all-in-one cloud-native automation platform that cuts cloud bills in half for such services like AWS, GCP, and Azure.
- The company’s cost-efficient, high-performing, and resilient infrastructure building solution was used by the social media unicorn ShareChat, the Adtech company Iterable, and the global mobile analytics leader Branch. So far, it has raised a total of $38 million from investors including Creandum, Cota Capital, and Uncorrelated Ventures.
“CAST AI’s explosive growth is unheard of in this macro market. This demand really shows how unique and powerful the company’s solution is. We believe the needs for DevOps automation will only grow from here, and can’t wait to see CAST AI become the leader in the cloud optimization space,”Carl Fritjofsson, General Partner at Creandum, comments.
- Creandum invested $15 million in the round. It is a leading pan-European early-stage venture capital firm operating since 2003. The fund has over 120 companies in its portfolio, including Spotify, Klarna, Depop, Kry, Klaus, and Lokalise.
- CAST AI’s original lineup of investors also injected an additional $5 million.
- Using the funds, the company is planning to further grow its position as a leading provider of intelligent cloud optimization solutions. It will also expand the platform’s capabilities.