New financing and underwriting relationships enable customers to accelerate cloud investments using Archera's first-of-a-kind cloud insurance and financing products
Seattle, Washington – July 25, 2024 – Archera, a leading provider of cloud purchasing and management solutions, announced today closing a $17 million Series B round accompanied by access to over $100 million in reinsurance and lending capacity. This empowers the company to pioneer insurance and financing solutions that enable flexible and cost-effective cloud resource procurement.
Built for cloud engineering, DevOps, and FinOps and finance teams that need to efficiently purchase and manage cloud resources, Archera's free management platform and unique commitment insurance and financing products bring flexibility, control, and automation to the process of buying public cloud resources—enabling teams to reduce the risk of overcommitment while optimizing rates.
Archera provides cloud discount automation and FinOps visibility at no cost, enabling customers to save millions without any fees. Unlike other FinOps solutions, Archera generates revenue solely through unique products that transparently extend vendor-native solutions, creating new, automatable savings strategies. Archera's current offerings include:
"Effective cloud management involves more than just cost oversight and automation of existing cost savings tools from cloud vendors like AWS," said Aran Khanna, CEO of Archera. "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."
The equity round was led by HighSage Ventures with participation from Ridge Ventures, Amplify Partners, and PSL Ventures. Archera will be using the funding to accelerate multi-cloud offerings as well as offer new financial products.
"Archera is precisely what enterprise DevOps and Finance teams need to streamline cloud purchasing and management," Mike Dauber, General Partner, Amplify Partners. "We're thrilled to support Archera as they accelerate their delivery of unique insurance and financing solutions that redefine the landscape of cloud cost management."
In addition to the venture capital investment, Archera is establishing a strategic relationship with Relm Insurance, enabling the company to expand its insurance underwriting capabilities.
This announcement comes on the heels of significant momentum for Archera. In the last year, the company has achieved 500 percent growth in revenue and reached net profitability. Archera has also expanded its customer roster by over 1,200 percent to include leading organizations like Hex, OctoAI, and numerous Fortune 500 companies. Additionally, this announcement will accelerate Archera's partnerships with leading cloud providers such as AWS, further accelerating the company's growth and market presence.
Archera is a leading provider of cloud purchasing and management solutions. For more information, please visit https://archera.ai/.
