Spotinst, the startup that helps companies find lower cost spot instances in the cloud, announced today that it was rebranding as Spot. It also announced a brand new cloud usage dashboard to help companies get a detailed view of their cloud spend.
Amiram Shachar, co-founder and CEO at Spot, says the new product is designed to give customers much greater insight and visibility into cloud usage and spending.
“With this new product we’re providing a more holistic platform that lets customers see all of their cloud spending in one place — all over their usage, all of their costs, what they are spending and doing across multiple clouds — and then what they can actually do [to deploy resources more efficiently],” Shachar told TechCrunch.
The visibility means that customers can see across cloud vendors and get a big picture view of how they are deploying cloud resources to optimize their usage, which could be useful for the financial side of the house and IT.
“We’re basically bifurcating all of our customers’ cloud infrastructure and telling them this is what you should run on spot instances, this is what you should run on reserved instances and this is why you should keep on on-demand instances,” he said.
The new product builds on the company’s core competency: helping customers deploy cheaper spot and reserved instances from cloud infrastructure vendors in an automated fashion.
Spot instances are a product where cloud vendors deploy their unused resources for much lower cost, while reserved instances provide a discounted rate for buying resources in advance for a set price. However, spot instances have a big catch: when the cloud vendor needs those resources, you get kicked off. Spot helps in this regard by safely moving the workload to another available spot instance automatically.
Spot was founded in 2015 and has raised over $52 million, according to Crunchbase. Shachar says the company is in the $30 million revenue range and this new product should help drive that higher.
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