Usage AI startup raises seed round led by Tinder founder Justin Mateen
Usage AI (usage.ai), a platform that empowers companies to reduce their monthly cloud expenditure, announced the close of its seed round led by Tinder Founder Justin Mateen, who has plugged the company into several of his multi-billion dollar portfolio companies, and the company is saving them millions of dollars annually on AWS.
The company generates, on average, 35% in monthly AWS savings for its customers. Because the company has collected millions of data points from its opt-in users with a variety of usage patterns, it's been able to identify hard-to-find savings that humans can't detect. It takes less than 15 minutes for a company to onboard with the company. Additionally, the company's customers get the deep discounts of reservations with the flexibility of on-demand since companies can sell their reservations back to Usage AI after just 30 days.
The company stands out from the competition because it does not modify or change a company's cloud environment in order to reduce cost. Due to this, the company's clients enjoy high savings with zero downtime and absolutely no change to their cloud environment.
Kaveh Khorram, Founder and CEO, Usage AI: "We are on a mission to show that you don't need to pay exorbitant sums to take advantage of the cloud. We are empowering companies to be at the center of their cloud spend - to know exactly where every dollar is going at any point in time. the company's models automatically identify and reduce overspend at the most granular level. We have millions of data points and have saved our customers, on average, between 30 and 35% on their overall cloud spend."
The company is tackling a $17 billion cloud waste market. With increasing year-over-year growth and significant cloud expansion during the pandemic, the market for overspend is set to grow to approximately $35 billion in 5 years. The company has entered the cloud optimization market during one of the most significant growth phases in the history of the cloud.
You can try Usage AI with a free read-only savings test, and then the company only charges 20% of net new savings when you want it to automatically apply the savings for you. All savings are done automatically and never touch any of the servers. So there's zero risk of downtime.
The company has a central dashboard for companies to register and view automated cost-saving recommendations. The dashboard allows companies to view, modify, and apply savings across their entire cloud portfolio at the press of a button. This year, the company has helped multiple organizations reduce cost at a scale not seen before by other cloud management providers. This further validates the company's technology and positions it as the clear market leader.