Israel-based cloud workload software developer Spotinst received $35m in series B funding yesterday from investors including Intel Capital, the corporate venturing arm of semiconductor producer Intel.
Highland led the round, which also included Leaders Fund and Vertex Ventures, a venture capital subsidiary of Singaporean government-owned investment firm Temasek.
Founded in 2015, Spotinst operates an automated infrastructure-as-a-service platform that exploits machine learning technology to manage and optimise cloud computing resources across multiple public and private clouds.
The platform achieves up to 80% in cost savings by moving applications to excess computing capacity that cloud operators sell at heavily discounted rates.
The series B funding will help Spotinst increase its market share and drive recruitment of an additional 100 staff across its three offices in Tel Aviv, San Francisco and New York over the next 12 months, doubling the number of employees in the process.
Spotinst previously raised $15m in series A funding in July 2017 led by Intel Capital, with participation from Vertex Ventures. The company is yet to spend any of its series A capital.
Venture capital fund Pico Venture Partners had invested $2m in Spotinst in 2016.