Financial management tool startup Cloudability has raised a $24m Series B round led by the Foundry Select Fund.
The latest investment brings the company’s total funding to more than $40m.
A blog post on Cloudability’s website said, “When we released the first version of Cloudability in 2010, the goal was simple. We saw a lot of pain caused by basic needs around analyzing cloud costs.
“The lack of financial insight was a significant drag on the pace of cloud adoption. Further, the massive size and complexity of cost and utilization data made optimization impossible to do well, especially at scale.
“We wanted to solve the collation and analysis problems, and we believed that doing so would free companies to focus on building great product and services.”
Other fintech businesses backed by Foundry Group include automated billing and payments company AvidXchange.
Copyright © 2016 FINTECH GLOBAL
