September 29, 2023
Exostellar Secures $15M Funding to Enhance Cloud Spend Optimization for Businesses
Ithaca-based startup Exostellar has secured a $15 million Series A funding round led by Celesta and Cambium Capital, with participation from Alpha Intelligence Capital. The investment brings the company’s valuation to $40 million. Exostellar, formerly known as Exotanium, was founded in 2018 and offers cloud management solutions. Its software optimizes cloud infrastructure costs by dynamically allocating and moving workloads to the cheapest cloud infrastructure, primarily focusing on AWS. The technology monitors factors like spot instance pricing and reallocates workloads when necessary to save on costs. Exostellar plans to expand its platform to other public cloud platforms, such as Azure, Google Cloud, and IBM Cloud, and introduce support for GPU instances. The cloud spend management market, also known as FinOps, is projected to grow from nearly $1 billion this year to $2.75 billion by 2028, presenting a significant growth opportunity for Exostellar despite competition in the sector.
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