Originally posted on PRNewswire
Exostellar Raises $12 Million in Series A Round Funding, Helps Enterprises Manage and Optimize Cloud Services More Effectively
Investors continue to recognize the value Exostellar’s technology brings in solving a major cloud mobility pain point
ITHACA, New York (Nov. 7, 2022) – Exostellar, an Ithaca-based startup offering a cloud resource optimization and management platform, announced today that the company has secured $12 million in series A funding. The round, led by Cambium Capital and Celesta Capital, provides vital funds needed to support the company’s future product roadmap, including the expansion to new platforms and hyperscalers, as well as the development of a self-service marketplace. Funds will also be allocated toward marketing and recruitment efforts to further fuel brand awareness among enterprise customers while supporting necessary organizational growth among Exotanium’s engineering team.
“Our platform offers a finer level of control over cloud computing resources, helping global enterprises enhance operational security, elevate performance, and drive significant cost savings”, said Hakim Weatherspoon, co-founder and CEO of Exostellar. “Many companies spend up to half of their revenue on cloud services and there is significant waste in most systems – our unprecedented technology is changing this. Within five years, Exostellar will be the only continuous optimization provider allowing enterprises to manage workloads across all major cloud platforms automatically. We are grateful for the continued support of our investors who truly believe in our team and our innovation.”
Exostellar offers a platform for users to optimize cloud computing for greater cost efficiencies, leveraging its exclusive license to patent pending technology developed at Cornell University, combined with artificial intelligence and machine learning. The platform helps enterprises increase the amount of computing they use by up to 5x, using the same budget, while also enhancing both operational security and computing performance. With the added layer of software, users can run their application in one cloud environment and live-migrate without disruption of service. This enables users to migrate to the cheapest, most efficient server hardware in real-time.
“It is clear that Exostellar’s solution could benefit many different vertical markets. From wins in computer-aided design tools, to electronic automated design tools, to high-performance scientific applications, Exotanium has an impressive Customer roster, with room to grow”, said Landon Downs, Cambium Capital.
“Enterprises and institutions increasingly have a critical reliance upon cloud computing and we need solutions to help these systems run more efficiently,” said Celesta Capital Founding Partner and Exostellar Board Member Nic Brathwaite. “Exostellar combines a differentiated technology with a world-class cloud engineering team, and we are delighted to support them with this investment.”
A growing portfolio of notable customers like the United States Department of Energy National Laboratories, Argonne, and Idaho National Laboratory, have demonstrated validation of Exostellar’s value proposition and led to its investor support. With this series A round, Exostellar has generated $19 million to date from investors and grants. This includes $5 million in seed funding in Q2, April 2021, led by Walden International and Nepenthe Capital LLC, previous investment rounds including Red Bear Angels and LaunchNY, and $1.6 million
secured through grants from the United States Department of Energy and the National Science Foundation.
Lip-Bu Tan, Chairman of Walden International and Exostellar Board Member stated, “We’re delighted to see Exostellar’s value proposition—their promise to create a breakthrough technology that delivers up to a 90% reduction in cloud computing costs—is now being validated in the marketplace.”
Exostellar plans to utilize the new funding to recruit top engineering talent and accelerate its product roadmap. With product lines such as X-Spot, Exostellar is creating application agnostic products that provide automatic and continuous optimization. Exostellar’s technology is designed to work alongside other popular resource management options like Kubernetes and Slurm, giving engineering and devops teams more options and control over cloud costs. In
addition to AWS, Exostellar plans to bring the platform to additional hyperscalers, including Azure, GCP, and IBM.