PointFive Secures $20M Series A Funding to Expand Multi-Cloud Capabilities
Deal News | Nov 12, 2024 | Newswire Business
PointFive, a cloud cost optimization platform, secured an additional $20 million in Series A funding, elevating its total funds raised to $36 million just 18 months since its founding. The round was led by Salesforce Ventures with additional support from existing investors such as Index Ventures and Entree Capital. This funding aims to expand PointFive’s multi-cloud capabilities, with impending features for Azure support following recent Google Cloud Platform (GCP) integration. The firm's DeepWaste Detection Engine, which applies AI and cyber-inspired methodologies, is central to its offering, allowing enterprises to identify and address cloud inefficiencies more proactively. Founder and CEO Alon Arvatz emphasizes transforming cloud cost strategies from reactive to proactive, driven by the need for greater efficiencies in high-cost cloud environments. With this new capital, PointFive plans to enhance its operations, widen its team, and expand sales and marketing initiatives in the U.S. The platform has already attracted clientele such as Fanatics and Elastic, highlighting its effectiveness in achieving cost reductions of 15-30%.
Sectors
- Cloud Computing
- Finance and Investment
Geography
- United States – PointFive is focused on expanding its operations and market in the U.S., and its headquarters are likely situated there.
Industry
- Cloud Computing – The focus of PointFive's business is on cloud cost optimization, which falls under the cloud computing sector. This includes services like DynamoDB, EKS, EC2, RDS, and S3.
- Finance and Investment – PointFive's funding round led by Salesforce Ventures and participation from other investors places this article in the finance and investment sector.
Financials
- $20M – Amount raised in the Series A funding round by PointFive.
- $36M – Total capital raised by PointFive since inception.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| PointFive | Target Company | Company | A cloud cost optimization company focusing on enhancing engineering efficiency through its DeepWaste Detection Engine. |
| Salesforce Ventures | Lead Investor | Company | A venture capital investment arm of Salesforce that led the Series A funding round for PointFive. |
| Index Ventures | Existing Investor | Company | A global venture capital firm known for its investments in technology and ecommerce companies. |
| Entree Capital | Existing Investor | Company | A venture capital fund bridging European and Middle Eastern markets with investments in technology companies. |
| Sheva VC | Existing Investor | Company | Venture Capital firm involved in the Series A funding of PointFive. |
| Vesey Ventures | Existing Investor | Company | Investor in technology startups and part of PointFive's Series A round. |
| Mickey Boodaei | Angel Investor | Person | Notable angel investor involved with PointFive, known for associations with companies like Transmit Security and Imperva. |
| Dean Sysman | Angel Investor | Person | An angel investor with ties to Axonius, supporting PointFive's funding round. |
| Amiram Shachar | Angel Investor | Person | Investor and founder of Spot and Upwind, participating in PointFive's investment round. |
| Alon Arvatz | CEO and Co-Founder | Person | CEO of PointFive, overseeing the company's strategy and operations. |