Archera, a provider of cloud purchasing and management solutions, has announced it successfully raised $17 million in a Series B investment round accompanied by access to over $100 million in reinsurance capacity.
The startup was founded in 2019 aiming to pioneer insurance and financing solutions that enable flexible and cost-effective cloud resource procurement.
It will be using the funding to accelerate multi-cloud offerings as well as offer new financial products to transform cloud purchasing and management.
Archera was built for cloud engineering, DevOps, and FinOps and finance teams that need to efficiently purchase and manage cloud resources.
It is able to help these teams reduce the risk of overcommitment, while optimising rates, thanks to “its free management platform and unique commitment insurance and financing products bring flexibility, control, and automation to the process of buying public cloud resources.”
Customers can save millions as Archera provides cloud discount automation and FinOps visibility at no cost and no fees.
“Unlike other FinOps solutions, Archera generates revenue solely through unique products that transparently extend vendor-native solutions, creating new, automatable savings strategies,” the firm stated.
The startup’s current offerings include Free Cloud Management Platform, which involves comprehensive management for Savings Plans Reserved Instances, and Committed Use Discounts, cost and usage visibility, and long-term forecasting and assessments.
It also includes Insured Commitments. This means that customers can save on all reservable AWS and Azure services with commitment terms as brief as 30 days.
Aran Khanna, CEO of Archera, said: “Effective cloud management involves more than just cost oversight and automation of existing cost savings tools from cloud vendors like AWS. It requires new primitives that solve the financial uncertainties of committing to cloud resources.
“At Archera, we redefine cloud cost management by introducing unique commitment insurance and financing solutions, easily accessed through a completely-free FinOps platform. Our latest funding round focuses on partners who enhance our offerings, enabling us to innovate further and drive significant savings and risk reduction for our clients.”
In addition to the venture capital investment, the company is also expanding its insurance underwriting capabilities through its strategic relationship with Relm Insurance.
