CloudZero Caps 2023 With Triple-Digit Growth

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Mar 27, 2024, 08:03 ET

Proactive cloud cost efficiency leader kicks off 2024 poised for further growth as the trusted partner for the world's most innovative cloud-driven companies

BOSTON, March 27, 2024 /PRNewswire/ -- CloudZero had triple-digit revenue growth in 2023, released market-leading product enhancements, bolstered its leadership team, and raised $41 million in Series B funding. The company moves into 2024 poised for continued growth as the market leader in next-generation cloud cost optimization.

Among CloudZero's 2023 highlights:

Grew annual recurring revenue by triple digits
Significantly grew the customer base, adding some of the world's most innovative cloud-driven companies like Braze, Cloudera, and Duolingo while expanding across key verticals including financial, marketing, educational, and healthcare technology, data and analytics, and security
Helped customers realize hundreds of millions of dollars in savings, with Upstart alone reducing cloud costs by $20 million
Delivered meaningful innovation through numerous platform enhancements, including the introduction of the Analytics module, many out-of-the-box integrations, and automated savings insights, all aimed at unlocking the strategic value customers can derive from their cloud cost data
Joined the FinOps Foundation as a Premier Member, joining companies like Amazon, Google, and Microsoft in shaping and spreading FinOps principles and capabilities
Won the 2023 New England Venture Capital Association NEVY Award for Hottest Startup
Raised a total of $41 million in Series B funding, led by Innovius Capital and Threshold Ventures with continued support from existing investors Matrix Partners, Underscore VC, and G20 Ventures

Additionally, in 2023, CloudZero augmented its go-to-market, product, and customer success teams with key leadership hires:

Michelle Dufty, former head of marketing at Flashpoint and Sonatype, joined as chief marketing officer
Robbie Th'ng, former product leader at HashiCorp, joined as senior vice president of product management
Kunal Rao, former customer success leader at Lacework and CloudHealth, joined as vice president of customer success
Dan Carducci, former finance leader at CarGurus and Pivotal Software, joined as vice president of finance

Phil Pergola, CEO of CloudZero, said, "It was an exceptional year. Few SaaS companies were hitting their numbers last year, much less exceeding revenue and growth targets. Our focus on taking an engineering-led approach to reducing cloud costs and improving unit economics continues to resonate in the market. It's ground zero for cloud efficiency, and we plan to lead the charge as organizations balance innovation and profitability in the years to come. Consumption of cloud-based technologies continues to grow at a rapid pace and only gets more complex as companies adopt cloud-native databases, Kubernetes, and AI. It's an honor to lead such a vibrant team in a space so ripe for innovation."

About CloudZero

CloudZero is the leader in proactive cloud cost efficiency. We enable engineers to build cost-efficient software without slowing down innovation. CloudZero's next-generation cloud cost optimization platform automates the collection, allocation, and analysis of cloud costs to uncover savings opportunities and improve unit economics. We are the only platform that enables companies to understand 100% of their operational cloud spend and take an engineering-led approach to optimizing that spend. CloudZero is used by industry leaders worldwide, such as Braze, Demandbase, Duolingo, New Relic, and Rapid7. Visit cloudzero.com to get started today.

SOURCE CloudZero