LIBERTY LAKE, Wash., Sept. 29, 2022 (GLOBE NEWSWIRE) --
- Demand for Vega's multi-cloud management and optimization solution climbed sharply this year, accelerated by the ongoing global pandemic.
- Vega's growth was ignited with the launch of its proprietary unit economics and outcomes-oriented approach to cloud infrastructure optimization.
- Vega uses data context and automation to help businesses make decisions efficiently and accelerate time to value.
- Clients gain compounding savings within months, spearheading the word-of-mouth growth the company is experiencing.
Vega Cloud, a leader in automating cloud optimization, announced today that it has completed a $9 million equity and debt funding round led by Album VC and Sun Mountain Capital, respectively, including participation from Kick-Start, Incisive Ventures, Rudeen & Company, the Cowles Company, Tacoma Ventures, Tapas Capital, the Seattle Alliance of Angels, and other new and existing Vega investors. The investment will enable Vega to scale up its product development and rapidly meet the increasing market demand in the FinOps category to further support the company's exponential growth.
The financing enables Vega to provide clients with near real-time data to influence their spending and make intelligent trade-off decisions between cost, quality, and speed. In addition, Vega will advance cloud optimization technology and interoperability, allowing clients to maximize their public cloud infrastructure investments and focus more of their time on their own products and services.
"Despite many great efforts, cloud waste continues to grow and impact the bottom line of companies regardless of their size. It is time for a different approach to cloud optimization. With the support of highly motivated, successful investors who see the disruptive potential of Vega in the multi-cloud FinOps space, Vega can continue to help more companies to optimize their cloud usage and minimize their cloud spend," said Kris Bliesner, co-founder and Chief Executive Officer of Vega Cloud. "Our vision is to continue to help clients better understand cloud spend and surface areas to optimize and/or invest in to achieve their business outcomes while reducing costs."
The Vega Platform helps clients with better visibility and organization of their cloud infrastructure with an industry-first unified view across major providers, with simplification of core optimization routines and with a concentrated focus on what matters most: lowering the cost of cloud consumption.
"Enterprise organizations are primed to benefit from Vega's proprietary unit economics and value-based automation approach to cloud optimization. Today's organizations demand cloud spend to be tied to business value and are looking for meaningful ways to accomplish that," said John Mayfield, Partner, Album VC. "The collaborative working relationships between client teams and their ability to use data-driven insights to make iterative improvements to unit economics speaks to the effectiveness of this platform."
"Vega helps customers better consume public cloud by eradicating waste and simplifying optimization in highly complex cloud environments." said Kevin Barber, Managing Director, Sun Mountain Private Credit. "Our firsthand experience with Vega and their multi-disciplinary team's dedication to building efficiency and innovation around FinOps drove our decision to invest."
About Vega Cloud
Vega is a Software as a Service (SaaS) platform for enterprise cloud optimization. Vega unlocks the power of public cloud infrastructure, giving businesses the freedom to innovate and efficiently deliver world-class products and services. Vega combines scale management with speed and efficiency to drive business outcomes that align with key business goals. Public Cloud infrastructure isn't just for architects or DevOps engineers anymore. Vega puts the power of fully optimized infrastructure to work for your business.
For more information about Vega Cloud, visit https://www.vegacloud.io.
About Album VC
Album VC is an early-stage venture fund comprised of former business operators with a deep appreciation for the American dream. Investing primarily in SaaS, Marketplaces and Future of Work software companies, Album's value-add practice consists of three core areas: (1) recruiting key team members, (2) executing on go-to-market plan and (3) preparing for follow-on investment.
About Sun Mountain Private Credit
Sun Mountain Private Credit provides customized credit solutions for growth stage technology companies. Sun Mountain Private Credit is managed by Sun Mountain Capital, an alternative investment manager with $739 million of discretionary assets under management across venture capital, growth capital and private credit as of Dec 31, 2021.
EVP of Business Development
Image 1: Vega Logo
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