Archera, a cloud management FinTech company, has successfully closed a $17m Series B funding round, marking a significant milestone in its journey.
The funding round was led by HighSage Ventures, with participation from Ridge Ventures, Amplify Partners, and PSL Ventures. Alongside this investment, Archera has also secured access to over $100m in reinsurance capacity, according to the Insurance Business Mag.
Archera specialises in providing a suite of services aimed at cloud engineering, DevOps, and finance teams, offering solutions that make cloud resource procurement more flexible and cost-effective.
The company’s offerings include a free cloud management platform, insurance, and financing products, designed to tackle the challenges these teams face in managing cloud resources efficiently.
With the new funding, Archera plans to expand its product offerings into multi-cloud environments and introduce new financial products. This strategic expansion is aimed at meeting the growing demand for more comprehensive cloud management solutions across various platforms.
Archera has also entered into a strategic partnership with Relm Insurance to bolster its insurance underwriting capabilities. This partnership is expected to enhance Archera’s ability to manage financial risks associated with cloud resource commitments.
The company has reported a remarkable 500% growth in revenue and a 1,200% increase in its customer base, including notable clients like Hex and OctoAI. Archera’s influence among Fortune 500 companies has also expanded, with further growth anticipated through collaborations with major cloud providers such as AWS.
Aran Khanna, CEO of Archera, stated, “Effective cloud management transcends mere cost control and standard cost-saving tools. It addresses the financial uncertainties associated with committing to cloud resources, and our solutions are designed to do just that.”
Mike Dauber, general partner at Amplify Partners, said, “Archera is precisely what enterprise DevOps and finance teams need to streamline cloud purchasing and management.”
Previously, Archera has seen substantial growth, with this latest funding round set to further accelerate its expansion.
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