Tuesday, June 25, 2024
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Finout Raises $26 Million Series B, Leading FinOps Forward With Its Complete Platform

Finout, the FinOps-for-enterprise company, has announced a $26.3 million Series B funding round led by Red Dot Capital with the participation of Maor Investments and existing investors – Team8, Pitango, and Jibe Ventures.

Finout’s complete FinOps platform is now used by leading global brands, including Lyft, the New York Times, Choice Hotels, Wiz, Tenable, and Appsflyer, to optimize cloud expenditure and allocate costs across all cloud providers and services. The funding brings the total raised by Finout to $45 million.

Gartner predicts a 20.4% increase in global public cloud service spending to $678.8 billion in 2024, highlighting the growing reliance on cloud resources. As cloud usage expands, managing and allocating costs becomes crucial yet challenging, involving detailed bill analysis and complex tools that can be time-consuming.

Enterprises need a unified view of their cloud spending to manage expenses efficiently. Finout’s comprehensive FinOps platform addresses these issues by providing complete visibility and streamlining cost management and allocation, helping businesses optimize their cloud resources and enhance ROI.

“Large enterprises are increasingly turning to our platform to address their FinOps challenges,” said Roi Ravhon, co-founder and CEO of Finout. “Building an in-house solution isn’t practical because of the work, complexity, and dynamic nature of supporting multiple cloud environments. We see many enterprises turning to Finout to manage their data layer, allowing them to focus on their own FinOps logic, seamless integration with existing systems, and supporting the implementation of FinOps culture at scale.”

“Finout’s advanced visibility capabilities go beyond basic cluster billing, allowing us to identify and address cost inefficiencies with precision and accountability,” said Vijay Kurra, Senior Manager of Cloud FinOps at Tenable. “This level of detail has been instrumental in enabling our development teams to manage their cloud resource usage more efficiently. I am confident that Finout will continue to play a crucial role in our ongoing success.”

Finout was founded in 2021 by Roi Ravhon, Asaf Liveanu, and Yizhar Gilboa. The company has consistently surpassed benchmarks, growing its revenue 9-fold in 2023 and 3-fold just since the beginning of 2024. In April, Cloudthread, a startup at the forefront of cloud cost usage optimization, became part of Finout, while Cloudability’s founder and CEO Mat Ellis previously joined Finout’s board of directors.

“With Finops becoming fundamental to the modern enterprise, Finout is the cornerstone for cost management,” said Barak Salomon, Managing Partner of Red Dot Capital Partners. “Modern Enterprise requires modern solutions as cloud consumption increases both in volume and complexity. Finout has quickly become the de-facto standard for those companies.”

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