Cloud management platform provider nOps Inc. announced today that it has raised $30 million in new funding to accelerate the development of its FinOps platform, expand integrations with Amazon Web Services Inc. and open-source technologies and enhance customer experience.
Founded in 2015, nOps offers an AWS cloud optimization platform that is designed to simplify and automate the tracking, allocation and optimization of cloud resources, commitments and costs. The platform offers insights, identifies inefficiencies and enables resource optimization through built-in automation or single-click changes.
The platform seeks to address the issue, identified in a Gartner report, that 30% of spending on public cloud services is wasted on underutilized cloud resources and 20% goes toward costly on-demand pricing. NOps argues that organizations are leaving billions of dollars on the table. The company allows organizations to optimize AWS cloud costs to better align with strategic computing needs.
The nOps end-to-end platform differs from point solutions by giving FinOps, DevOps, engineering and finance teams complete visibility into their AWS costs. The platform uses artificial intelligence and machine learning to analyze compute needs and automatically optimize them for efficiency, reliability and cost.
By giving customers awareness of all their AWS commitments and the AWS Spot market, nOps can automatically fulfill commitments and provision additional compute needs on Spot. The platform also makes it easy to track and allocate AI workloads.
The platform offers three key solutions for AWS cloud cost management: Business Contexts, which provides visibility into all AWS spending and simplifies cost allocation and reporting; Compute Copilot, which optimizes autoscaling technologies for maximum efficiency and stability at minimal costs; and Cloud Optimization Essentials, which automates tasks like resource scheduling, rightsizing, stopping idle instances and optimizing Amazon Elastic Block Storage volumes.
The nOps platform can be integrated with and automatically optimizes Amazon Elastic Kubernetes Service, Amazon EC2 Auto Scaling Groups, Amazon Elastic Container Service and Karpenter. The company has seen strong growth, helping its clients manage more than $1.5 billion of AWS cloud spend and has seen its customer base grow by 450% over the past 18 months.
Headlight Partners led the Series A round. “We see organizations struggle to rein in AWS cloud spending,” said Headlight founder Jack Zollicoffer. “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.”
JT Giri, the startup’s chief executive, spoke with theCUBE, SiliconANGLE Media’s live streaming studio, in June 2023, when he discussed how nOps seeks to improve AWS cost optimization: