Cast AI, a Miami-based startup that helps businesses automate cloud infrastructure management, has raised $108 million in a late-stage funding round led by G2 Venture Partners and SoftBank Vision Fund 2. It saw participation from existing investors such as Aglaé Ventures, valued the Cast AI at $850 million, bringingits total funding to over $180 million as it looks to expand to more markets and cater to growing demand.
Cast AI enables businesses to reduce cloud costs and improve performance by automating the applications that use cloud resources like CPUs and GPUs.
It said demand is rising quickly as more organizations adopt AI tools and struggle with the high cost of cloud computing.
Cast AI founder Laurent Gil stated, "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. 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.
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Cast AI has 2,100 companies around the world as customers and including some big clients such as 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 Chat GPT creator, SoftBank and cloud firm Oracle (ORCL.N) are key partners behind the $500 billion Stargate project to build several data centers in the United States.