Israel-based cloud workload software developer Spotinst has closed a $15m series A round led by Intel Capital, semiconductor manufacturer Intel’s corporate venturing subsidiary, Globes reported yesterday.
Vertex Ventures, the venture capital firm backed by Singapore’s sovereign wealth fund Temasek, also participated in the round.
Founded in 2015, Spotinst provides an automated infrastructure-as-a-service platform that relies on machine learning to allocate cloud computing resources on services such as Amazon Web Services, Microsoft Azure, Google Cloud Platform or a private cloud.
The platform uses algorithms to bid for temporary cloud resources – known as spot instances – and predicts when a user will need to switch servers, automatically handling that process seamlessly in the background. Spotinst claims its technology can reduce costs by up to 80%.
The series A funding will be used to further develop the company’s platform, expand its offering and boost its marketing and sales activities in the UK and the US. VC fund Pico Venture Partners previously supplied $2m in funding for Spotinst in March 2016.
– The original version of this article appeared on our sister site, Global Government Venturing.