Spotinst rebrands as Spot and announces new cloud spend dashboard

Spotinst, the startup that helps companies find lower cost spot instances in the cloud, announced today that it was rebranding as Spot. It also announced a brand new cloud usage dashboard to help companies get a detailed view of their cloud spend.

Amiram Shachar, co-founder and CEO at Spot, says the new product is designed to give customers much greater insight and visibility into cloud usage and spending.

“With this new product we’re providing a more holistic platform that lets customers see all of their cloud spending in one place — all over their usage, all of their costs, what they are spending and doing across multiple clouds — and then what they can actually do [to deploy resources more efficiently],” Shachar told TechCrunch.

The visibility means that customers can see across cloud vendors and get a big picture view of how they are deploying cloud resources to optimize their usage, which could be useful for the financial side of the house and IT.

“We’re basically bifurcating all of our customers’ cloud infrastructure and telling them this is what you should run on spot instances, this is what you should run on reserved instances and this is why you should keep on on-demand instances,” he said.

The new product builds on the company’s core competency: helping customers deploy cheaper spot and reserved instances from cloud infrastructure vendors in an automated fashion.

Spot instances are a product where cloud vendors deploy their unused resources for much lower cost, while reserved instances provide a discounted rate for buying resources in advance for a set price. However, spot instances have a big catch: when the cloud vendor needs those resources, you get kicked off. Spot helps in this regard by safely moving the workload to another available spot instance automatically.

Spot was founded in 2015 and has raised over $52 million, according to Crunchbase. Shachar says the company is in the $30 million revenue range and this new product should help drive that higher.


By Ron Miller

Spotinst, the startup enabling companies to purchase and manage excess cloud capacity, acquires StratCloud

Spotinst, the cloud automation and optimization startup founded in Tel Aviv but now with offices in San Francisco, New York, and London too, has acquired AWS partner StratCloud. Terms of the deal remain undisclosed, although I’m hearing it combines both cash and stock and was somewhere in the region of $5 million.

As part of the acquisition, StratCloud’s team of 15 people will be joining Spotinst, including founder Patrick Gartlan, who will become VP, Cloud Services at Spotinst. StratCloud hadn’t raised any venture capital but instead was bootstrapped by Gartlan, who was the former CTO of Cloud Optimization company CloudCheckr.

Founded in 2015, Spotinst enables enterprises to optimize their cloud infrastructure usage by automating the process of using excess — and therefore cheaper — capacity from leading cloud providers.

As TechCrunch’s Ron Miller previously explained, cloud platforms like AWS, Microsoft Azure and Google Cloud Platform, all of which Spotinst supports, have to maintain more resources than they need at any given time. All three companies offer steep discounts to customers who want to access these resources, but they come with a strict condition that the platforms can take those resources back whenever they need them. Which is where Spotinst (and today’s acquisition of StratCloud) comes in.

Spotinst’s platform manages the process of acquiring spare capacity, powered by predictive AI, and seamlessly switches providers before it’s withdrawn. This ensures that cloud computing “workloads” keep functioning, while the customer still receives the best possible price.

Meanwhile, StratCloud tech is described as an “optimization platform” that buys, sells and converts reserved capacity, therefore maximizing savings for on-demand infrastructure. “This leads to lower compute payments, without engineers having to change anything in the applications and infrastructure they manage,” explains Spotinst.

Related to this, Spotinst will migrate StratCloud’s several dozen customers to the Spotinst Platform where they’ll continue to receive all of the current functionality.

Overall, the acquisition means Spotinst can now offer a complete solution for cloud users, including offering reserved instances and unused computer power so that enterprises can run any workload and support large-scale migrations on any cloud provider. In addition, Spotinst says the combined technologies give Managed Service Providers (MSPs) a comprehensive tool to optimize cloud workloads for all of their managed customers.

Spotinst claims over 1,500 enterprise customers in 52 countries, including Samsung, N26, Duolingo, Ticketmaster and Wix. The company currently employs approximately 150 staff across its four offices and has raised $52 million in VC funding to date.


By Steve O’Hear