PointFive secures USD $20 million to boost cloud efficiency

PointFive has announced the acquisition of USD $20 million in Series A funding, which will accelerate its efforts in cloud cost optimisation and expansion in multi-cloud support.

The funding round was spearheaded by Salesforce Ventures, with contributions from existing investors such as Index Ventures, Entree Capital, Sheva VC, and Vesey Ventures. Notable angel investors also participated, including Assaf Rappaport, Mickey Boodaei, Tamar Yehoshua, Yasmin Lukatz, Amiram Shachar, Dean Sysman, Raanan Raz, and Kfir Tishbi.

The funding serves to bolster PointFive's mission to optimise engineering efficiency through its DeepWaste Detection Engine. This includes enlargement into multi-cloud environments, with current support for GCP and future plans for Azure capabilities.

According to Alon Arvatz, Chief Executive Officer and Co-Founder of PointFive, "Our mission is to empower enterprises to transform cloud cost optimisation from a reactive process into a proactive strategy, making cost efficiency a core principle of sound engineering. This funding will enable us to further advance our technology, which delves deeper than any other solution to expose hidden inefficiencies and drive actionable change. I would like to thank our new investors, as well as those who continue to support us, for their vote of confidence in our platform and vision".

PointFive's DeepWaste engine applies deep research methodologies akin to cyber intelligence to scrutinise cloud infrastructure comprehensively. The system identifies inefficiencies and misconfigurations that evade other tools, offering automated and seamless optimisation solutions. This agentless platform claims the potential to reduce total cloud expenditure by 15-30% for enterprises.

Commenting on their investment, Nowi Kallen, Managing Director at Salesforce Ventures, stated, "As companies continue to scale rapidly, PointFive's platform ensures enterprises maintain optimal efficiency by surfacing deep cloud inefficiencies, allowing them to focus resources on growing their core business. We are excited to support the acceleration of PointFive's platform and look forward to seeing the value they bring to customers through multi-cloud coverage."

Noam Blidstein, Head of Global IT Operations at Cross River Bank, articulated the practical impacts PointFive has had, "We came to PointFive at the start of a large internal effort to move much of our infrastructure from our data centres to the cloud while refactoring our applications' architectures to work seamlessly in the cloud. These efforts required us to seek out a single application to monitor new resources being created, historical cloud spend over time, and opportunities to remove cloud waste and optimise our cloud resources. PointFive is pivotal to provide us the visibility we need to monitor resource usage and spend over time while also understanding opportunities where we can optimise our resource utilisation."

In only 18 months, PointFive has secured major tech clients such as Fanatics, Elastic, BHN, and Checkmarx, and plans to further strengthen its workforce and amplify its U.S.-based sales and marketing activities to satisfy the growing demand for refined cloud cost management solutions.