ProsperOps Secures $72 Million to Help Businesses Save Money as Cloud Computing Growth Continues
Led by H.I.G. Growth Partners, the Growth Investment enables ProsperOps to accelerate the adoption of its AI-Based FinOps platform for enterprises that seek to reduce costs and unlock maximum value from the cloud
ProsperOps, the autonomous cloud cost optimization platform, has announced a $72 million investment led by H.I.G. Growth Partners (“H.I.G.”) and other strategic investors. ProsperOps delivers best-in-class return on investment on cloud spend, unlocking maximum value and savings outcomes for companies building in the cloud. The investment enables ProsperOps to further scale its platform capabilities, engineering, and go-to-market teams, as well as expand from Amazon Web Services (AWS) to additional cloud providers.
According to the FinOps Foundation’s “2023 State of FinOps” report, the top FinOps challenge cited is getting engineers to take on the task of reducing cloud spend, while up to one-third of cloud spend is estimated to be waste. ProsperOps removes the burden on developers by autonomously managing Savings Plans and Reserved Instances across compute services such as Amazon Elastic Compute Cloud (EC2), Fargate, and Lambda. FinOps and finance teams further benefit with clear ROI, showback, and savings performance benchmarks.
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Today, ProsperOps administers savings for nearly $800 million of compute usage and analyzes nearly 20 million customer environment changes per month for some of the world’s leading born-in-the-cloud businesses, including Coinbase, Drift, and Wix. ProsperOps only makes money when customers save money with its “savings as a service” model based on the cloud cost savings generated by the platform. On average, ProsperOps customers achieve a savings of 40%.
Quotes
Dvir Mizrahi, Head of Financial Engineering at Wix: “Wix is a sophisticated FinOps organization with dynamic AWS compute consumption. ProsperOps allows Wix to maximize their compute savings while retaining the ability to change their engineering footprint at a day’s notice.”
JR Storment, Executive Director of the FinOps Foundation: “Enterprises of all sizes are finding that unlocking the agility and flexibility of the cloud can come with its own cost control challenges. As a result, the FinOps ecosystem continues to grow and thrive, supporting new tooling and applications, such as ProsperOps, that help organizations streamline and maximize the business value of the public cloud.”
Chris Cochran, CEO of ProsperOps: “Cloud waste is rampant and holistic optimization requires an automated approach. The scale and complexity of this problem necessitate an algorithmic rather than a human solution. We’ve been profitably growing the business by triple digits, and the backing from our investors enables us to fully pursue the market opportunity. We look forward to expanding our customer reach and cost optimization platform so every business can prosper in the cloud.”
Ross Hiatt, Managing Director and Co-Head of H.I.G. Growth: “The ongoing tailwinds driving public cloud adoption present an exciting opportunity to invest, and ProsperOps is particularly unique in its ability to help customers get the most out of public cloud at a time when every dollar counts. I’m looking forward to leveraging H.I.G.’s capabilities and relationships to further accelerate the Company’s strong momentum.”
Sara Baack, Board Member at ProsperOps: “Cloud is such a vital foundation for scalable enterprise architectures today, but often complex to use wisely and efficiently. I’m thrilled to support a company that goes beyond existing reporting and recommendation solutions to deliver true automated savings outcomes to cloud builders.”
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