Funding led by SineWave Ventures will build on enterprise adoption momentum and over $2 billion in cloud spend under management, driving innovation and efficiency for more global enterprises

June 04, 2024 06:00 AM Pacific Daylight Time

ARLINGTON, Va.–(BUSINESS WIRE)–Stacklet, the leader in cloud governance and optimization as code, today announced it has secured $14.5 million in Series B funding. The round, led by SineWave Ventures and with participation from Strait Capital, Uncorrelated Ventures, Capital One Ventures, Foundation Capital, and Relentless VC, brings Stacklet’s total funding to $36.5 million. Stacklet, co-founded by the same core creative team behind CNCF’s Cloud Custodian open source project, saw 3x revenue growth in the last fiscal year fueled by recognizable names in cloud like A+E Networks, Avalara, Madhive, Center for Internet Security, Blackbaud, Truist, and several fortune 500 leaders. This new investment will accelerate product development and expand sales and marketing efforts for Stacklet’s cloud governance as code platform.

“I’ve seen Stacklet help organizations embrace more cloud, more quickly, without overspending or taking on excessive risk”

The cloud is the foundation of AI, offering the scalable infrastructure and computational power needed for extensive data processing and storage. Analyst reports show a surge in cloud spending, driven by the rise of Generative AI (GenAI). Stacklet has been crucial in helping organizations capitalize on this trend, enhancing efficiency and cutting costs. Organizations have reduced cloud expenses by up to 50% in just 90 days with Stacklet, while also minimizing compliance and security risks. Stacklet excels with its broad cloud resource coverage, proactive actions, automated remediation workflows, and preventative guardrails to eliminate waste and risks.

“At REPAY, our cloud estate has significantly expanded over the past couple of years, leading to increased complexity. This complexity resulted in excessive time spent on reporting and limited capacity to reduce and prevent waste and risk,” said Van Wolfe, VP of Cloud Platform Engineering at REPAY. “Stacklet has been a strategic partner for our cloud platform team, enhancing visibility, reducing our governance reporting times by up to 75%, and delivering six-figure savings within the first few months.”

“Stacklet has enabled our development and data engineering teams to innovate efficiently and securely in the cloud in a self-service manner,” said Tony Pekala, Associate Vice President, ETS. “Stacklet helps us implement the right policies and guardrails for continuous cost optimization and risk reduction, all without hindering development velocity.”

“With Stacklet, we have significantly enhanced our ability to monitor and manage cloud resources, providing our team with unparalleled visibility and control. This integration reflects our commitment to maintaining the highest levels of security and governance, safeguarding our customers’ data, and fortifying trust in our cloud services,” Ray Henson, Staff DevOps Engineer at Infoblox.

“As organizations strive to scale and optimize their cloud environments in uncertain times while continuing to innovate with new technologies, the need for streamlined and automated governance becomes increasingly apparent,” said Travis Stanfield, co-founder and CEO, Stacklet. We are incredibly enthusiastic about this new investment, which underscores our unwavering commitment to our mission. This funding will serve as a catalyst, enabling us to assist more organizations in managing their cloud operations effectively and securely.”

“Stacklet has demonstrated outsized performance in a challenging market environment. Its phenomenal revenue growth and expanding customer base speaks to the tangible benefits of the Stacklet solution,” said Yanev Suissa, founder and managing partner, SineWave Ventures. “We are excited to partner with Stacklet on their ongoing journey and help unlock additional opportunities in both the enterprise and public sectors.”

“I’ve seen Stacklet help organizations embrace more cloud, more quickly, without overspending or taking on excessive risk,” said Salil Deshpande at Uncorrelated Ventures. “Stacklet’s open source is a strategic differentiation for customers who can rely on a large, vibrant community backing an open standard. Stacklet can help scale and optimize the existing deployment of the open-source software within organizations. I’m excited to partner with Stacklet at this critical juncture as their traction inflects.”

“Cloud governance and cost management are becoming top priorities for organizations as the scale and complexity of cloud usage grow,” said Julia Kagan, managing partner, Strait Capital. “Stacklet has distinguished itself from day one with a platform approach that enables customers to govern and optimize costs, compliance, and security all in one place, rather than relying on multiple-point solutions. Its connection to the Cloud Custodian community further establishes Stacklet as the most comprehensive solution we’ve seen in the market.”

About Stacklet

Stacklet helps organizations with large cloud estates optimize cost, improve security, and ensure compliance by simplifying and automating all aspects of governance via code. Our company was founded by the creators and maintainers of CNCF’s Cloud Custodian, an open-source project used today by thousands of well-known global brands.

Stacklet Platform is an award-winning governance as code solution that enables teams to identify and remediate cloud governance issues while establishing preventative guardrails against their recurrence. Renowned for supporting some of the world’s most substantial cloud service consumers, Stacklet Platform helps mitigate cloud waste and risk on a large scale.

For more on the Stacklet story, see supporting resources:

• Stacklet Website: https://stacklet.io/
• Stacklet Blog
• LinkedIn

Contacts

Heather Fitzsimmons
650-279-4360
heather@mindsharepr.com

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