Archera announced it has raised a $7 million Series A funding round co-led by Ridge Ventures and Amplify Partners. Additional investors participating in the round include PSL Ventures, Mark & Josh Leslie of Leslie Ventures, former Onica CEO Stephen Garden and others. This round brings the company’s total funding to $10.3 million.
Founded by veteran cloud technologists from AWS, Microsoft, and Uber, Archera is a Cloud Resource Automation platform that enables organizations to operate dynamically in the cloud. The platform is designed to help enterprise companies manage and de-risk an organization’s cloud resources to dramatically reduce cloud spend. The solution enables enterprises running on AWS and Microsoft Azure to build forecasts, plan and automatically execute commitment plans, monitor and protect cloud resources—via guaranteed buybacks and continuous optimization.
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Already a number of high-growth and established enterprises, including Fortive, Hiya, Valtix, Guardant Health, Kumu, Zebrium and 4C Insights are using Archera to manage their cloud resources. To date, Archera has saved its customer base over $80 million in cloud costs.
“Companies migrate to the cloud for speed, convenience, and savings, but the complexities of purchasing and managing resources from major vendors prevent organizations from maximizing the value of their services,” said Aran Khanna, CEO, Archera. “What’s worse, they often get locked into paying for resources that go unused. That’s why we built Archera: to give companies the visibility and flexibility to optimize their cloud computing usage and costs in a seamless environment.”
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The Series A financing will help Archera further develop its Cloud Resource Automation platform and boost its marketing and sales infrastructure to meet escalating demand.
“Most companies are going all in on the cloud but rely on manual methods to gain visibility into their infrastructure and costs,” said Yousuf Khan, Partner, Ridge Ventures. “These approaches cannot adapt to changing cloud needs and often result in wasted spend due to overcommitments or getting locked into the wrong contracts. Archera has devised a game-changing automated approach to managing resources from end-to-end that can truly maximize efficiencies. We’re thrilled to welcome Aran and Nikhil to the Ridge Ventures family and look forward to playing a role in their growth for years to come.”
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