Cast AI secures $108 million funding to expand cloud automation
People walk behind the logo of SoftBank Corp in Tokyo December 18, 2014. REUTERS/Toru Hanai/File Photo TPX IMAGES OF THE DAY
(Reuters) -Cast AI, a Miami-based startup that helps businesses automate cloud infrastructure management, said on Wednesday it has raised $108 million in a late-stage funding round led by G2 Venture Partners and SoftBank Vision Fund 2.
The oversubscribed round, which also saw participation from existing investors such as Aglaé Ventures, valued the company at $850 million, a person familiar with the matter said.
This brings Cast AI's total funding to over $180 million, as it looks to expand to more markets and cater to growing demand.
The company helps businesses reduce cloud costs and improve performance by automating how applications use cloud resources like CPUs and GPUs.
Cast AI said demand is rising quickly as more organizations adopt AI tools and struggle with the high cost of cloud computing.
"Reducing costs is key. But it's not just about costs—it's about automatically finding the right models and availability of GPUs and CPUs, maintaining performance and cutting costs," Cast AI founder Laurent Gil told Reuters.
"Over the past six months, we have seen a major acceleration in demand for Kubernetes automation as AI adoption surged."
Kubernetes is an open-source tool that helps manage apps on the cloud.
Cast AI counts 2,100 companies around the world as customers and some large clients include Akamai, German automaker BMW, FICO and HuggingFace.
The company said the new funding will be used to expand its automation platform, hire more talent and reach more global customers.
Its new backers, including SoftBank and G2, also invest in AI companies such as OpenAI and Crusoe Energy Systems. The ChatGPT creator, SoftBank and cloud firm Oracle are key partners behind the $500 billion Stargate project to build several data centers in the United States.
(Reporting by Akash Sriram in Bengaluru; Editing by Krishna Chandra Eluri)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
16 minutes ago
- The Sun
Football club investor Eagle files for US IPO, Bloomberg News reports
EAGLE Football Holdings, one of the most active investors in global football clubs, has confidentially filed for a U.S. initial public offering, Bloomberg News reported on Friday. Reuters could not immediately confirm the report. The France-based company submitted a draft registration statement to the U.S. Securities and Exchange Commission, the report added, citing a company statement. The firm has been working with UBS Group AG on the potential IPO, the report said. Eagle Football, run by U.S. businessman John Textor, holds stakes in multiple football clubs including Olympique Lyonnais, Crystal Palace and Brazil's Botafogo. The SEC and Eagle Football did not immediately respond to request for comment outside regular business hours.
The Sun
26 minutes ago
- The Sun
Eagle Football Files Confidentially for U.S. IPO: Report
EAGLE Football Holdings, one of the most active investors in global football clubs, has confidentially filed for a U.S. initial public offering, Bloomberg News reported on Friday. Reuters could not immediately confirm the report. The France-based company submitted a draft registration statement to the U.S. Securities and Exchange Commission, the report added, citing a company statement. The firm has been working with UBS Group AG on the potential IPO, the report said. Eagle Football, run by U.S. businessman John Textor, holds stakes in multiple football clubs including Olympique Lyonnais, Crystal Palace and Brazil's Botafogo. The SEC and Eagle Football did not immediately respond to request for comment outside regular business hours.
The Sun
31 minutes ago
- The Sun
Google turns internet queries into conversations
SAN FRANCISCO: Google on Friday began letting people turn online searches into conversations, with generative artificial intelligence providing spoken summaries of query results. With Audio Overviews, Gemini AI models quickly sum up query results in conversational style, according to Google. "An audio overview can help you get a lay of the land, offering a convenient, hands-free way to absorb information whether you're multitasking or simply prefer an audio experience," Google said in a blog post. "We display helpful web pages right within the audio player on the search results page so you can easily dive in and learn more." Google is beefing up online search with generative artificial intelligence, embracing AI despite fears for its ad-based business model. CEO Sundar Pichai recently unveiled a new AI mode in Google search. The search engine's nascent AI mode goes further than AI Overviews which display answers to queries from the tech giant's generative AI powers above the traditional blue links to websites and ads. Since Google debuted AI Overviews in search slightly more than a year ago, it has grown to more than 1.5 billion users across several countries, according to Pichai. Google's push into generative AI comes amid intensifying competition with OpenAI's ChatGPT, which has itself incorporated search engine features into its popular chatbot.
