24-02-2025
Exclusive: Mavvrik raises $6.2M seed to control cloud costs
Mavvrik, which helps businesses manage spending on cloud and IT infrastructure, has raised $6.2 million in seed funding, CEO Sundeep Goel tells Axios exclusively.
Why it matters: Global IT spending is increasing nearly 10% per year, and AI adoption could accelerate that pace.
Zoom in: S3 Ventures and Flyover Capital led the funding, which included participation from Tuesday Capital.
Context: Austin-based Mavvrik (f.k.a. DigitalEx) tracks cloud, AI, SaaS and on-premises infrastructure costs, helping businesses to eliminate waste and curtail spending.
How it works: It integrates directly into public cloud providers, private cloud environments, and enterprise AI platforms like AWS, Google Cloud, Microsoft Azure, Oracle Cloud, VMware, Kubernetes, Anthropic, OpenAI, Mistral and Amazon Bedrock.
The platform enables enterprises to see their spending on infrastructure in real time, track trends over time, and improve their financial planning.
"What we see in our customer base is typically at least a 15% reduction in aggregate costs," Goel says.
Between the lines: It does that by providing tools to allocate costs across an organization, enforce financial accountability, and proactively spot anomalies and cost spikes to reduce budget overruns.
By connecting the dots from central IT spending to each business unit, Goel says Mavvrik creates a culture of accountability that drives a good portion of their savings.
"It ends up being more cost-avoidance than cost savings because [business units] now have visibility into their spend and visibility into their budget performance," he says.
The big picture: Global IT spending is expected to grow to $5.61 trillion in 2025, up 9.8% from last year, according to Gartner.
The cost could be even higher, Goel says, as AI gains traction in the enterprise.
"AI [is] about to hit as a new wave of cost. A lot of those applications are going to be extremely expensive that's virtually unbudgeted and unforecasted," Goel says.
Behind the scenes: Mavvrik also expanded its leadership team by hiring former ALTR exec Paul Franz as VP of sales, former Platform9 exec Chris Paap as VP of product management, and former MediaFly exec Lindsey Tishgart as VP of marketing.
