The funding will allow the company to boost its insurance and financing products, designed to facilitate flexible and cost-effective cloud resource procurement.
Archer’s suite of products is designed especially for cloud engineering, DevOps and finance teams. These teams constantly face a daily challenge managing cloud resources efficiently. Archers addresses this, offering a free management platform alongside unique insurance and financing products.
Free of charge, Archera provides tools like cloud discount automation and FinOps visibility. The company currently offers the following:
- Free Cloud Management Platform: This platform features robust management tools for savings plans, reserved instances, and committed use discounts. It also includes capabilities for tracking costs and usage, as well as long-term forecasting.
- Insured Commitments: Customers can lock in savings on reservable services from AWS and Azure, with contract terms as short as 30 days.
Aran Khanna, CEO of Archera, commented: “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.”
The round was led by HighSage Ventures, with additional participation from Ridge Ventures, Amplify Partners, and PSL Ventures, will allow Archera to expand into multi-cloud offerings and new financial products.
Mike Dauber, General Partner at Amplify Partners, said: “Archera is precisely what enterprise DevOps and finance teams need to streamline cloud purchasing and management.”
Moreover, Archera is entering a strategic partnership with Relm Insurance to bolster its insurance underwriting capabilities. This collaboration coincides with Archera’s impressive growth, including a 500% increase in revenue and a 1,200% expansion in its customer base, which now includes prominent firms like Hex and OctoAI. Archera has also strengthened its presence among Fortune 500 companies. The company’s growth trajectory is expected to gain further momentum through alliances with major cloud providers, including AWS.
