May 2, 12:42 PM

Cast AI Raises $108 Million Led by G2 Venture Partners, SoftBank Vision Fund 2, Hits $850 Million Valuation

Cast AI, a Miami-headquartered cloud optimization company with core operations in Vilnius, Lithuania, has secured $108 million in Series C funding. The round was led by G2 Venture Partners and SoftBank Vision Fund 2, with participation from Aglaé Ventures and other existing investors, bringing the company's valuation to $850 million. The company has now raised over $180 million in total funding. Founded in 2019 by CEO Yuri Frayman and CTO Leon Kuperman, Cast AI provides an Application Performance Automation (APA) platform that automates and optimizes cloud infrastructure, enabling enterprises to reduce costs and improve performance. The platform uses advanced machine learning algorithms to adjust resource allocation in real-time, targeting inefficiencies in cloud environments. Cast AI employs around 200 people globally. The company plans to use the new capital to enhance its platform and accelerate international expansion, with recent office openings in India and Singapore. Cast AI's client base has doubled from 2023 to 2024, now serving more than 2,100 organizations, including Akamai, BMW, FICO, and Hugging Face. Notable features of its platform include real-time autoscaling, cost analytics, the Spot Fallback feature, and compatibility with AWS, Azure, and Google Cloud. Cast AI's technology has enabled clients like Akamai to reduce cloud costs by 40-70%. The company also introduced the AI Enabler tool in late 2024, which optimizes large language model deployments by intelligently routing queries to the most effective models, addressing the high costs of GPU-intensive AI workloads.