NEW YORK — Antimetal, a cloud cost optimization platform for users of Amazon Web Services (AWS), emerged from stealth and has raised a $4.3 million seed round led by Framework Ventures. Additional participants include Chapter One and IDEO CoLab Ventures, amongst others. While in private beta, Antimetal’s platform helped 35+ companies—from startups to Fortune 500s—cut cloud costs by up to 75%. Funds from the round will be used to expand the company’s engineering team and continue development of the platform.
Additional investors include Polygon Ventures, Alchemy Ventures, and Builder Capital. Several angel investors participated as well, including Ecosystem Lead at Starkware Louis Guthmann, Software Engineer at Optimism Kelvin Fichter, CEO of Waymont Jai Bhavnani, and Founder and CEO of Saddle Sunil Srivatsa.
Antimetal’s mission to address the growing problem of rising cloud costs is more relevant than ever. Research shows that nearly half of all enterprises struggle to control cloud expenses, and more than a quarter still take weeks or months to detect cost increases. Antimetal’s solution leverages AI to automate the entire cost optimization process, including the buying, selling, and risk management of infrastructure commitments, which helps companies achieve maximum savings while minimizing underutilization risks.
“With a one-click integration, our AI-powered platform is able to analyze an entire account, create a custom risk model, and figure out what’s going to work best for each company’s specific situation within seconds,” said Matthew Parkhurst, CEO of Antimetal. ”Our technology helps startups and enterprises save millions to allocate elsewhere, ultimately allowing them to focus on their bottom line”
Since launching into private beta, Antimetal’s cloud spend under management has exploded, growing by over 500% MoM. With access to the product now becoming widely available, the company is projecting to generate tens of millions in savings this year on behalf of customers. The product is free for startups and pricing for larger companies is completely performance-based, with Antimetal taking a small percentage of savings they generate.
Antimetal is already helping companies like CarVal, Clay, Gnosis Freight, and many others save on their AWS bill. Here’s how the platform works:
- Attaches to customer’s AWS account to analyze current and historical spend
- Using spend and usage data, the platform creates a custom AI-based risk model that takes into account volatility of usage, usage trends, and existing savings infrastructure. The platform constantly monitors user accounts (leveraging this risk model) to make new recommendations
- Customers can enable Autopilot to automatically approve new recommendations as they come in, allowing Antimetal to be completely no-touch. Users have the flexibility to set custom parameters on Autopilot to only work within specific regions or accounts
“Antimetal instantly reduced our cloud computing costs by over 52%,” said Matt Morris, who is on the Board of Directors at VizExplorer. “Antimetal has had a huge impact to our bottom line, allowing us to hire more engineers and accelerate software development. We’re customers for life.”
“Antimetal offloads the mental burden of managing unused cloud compute,” said Brandon Toups, Lead Software Engineer at Gnosis Freight. “Manually navigating the marketplace for cloud commitments is confusing and we don’t know what our spend will look like down the road. Antimetal leverages AI to cut our cloud costs with data-driven insights and automatic execution of these savings measures so we’re able to focus on solving problems for our customers instead of wrangling cloud costs.”
“Antimetal’s public launch marks a turning point for companies around the world spending over $200 billion annually on cloud spend,” said Jack Lipstone, Investment Partner at Chapter One. “By enabling businesses to take control of their cloud expenditures, Antimetal empowers them to reimagine the future of cost efficiency.”
“We invested in Antimetal because we believe Matt and his team have the right technical and operational expertise to bring a product to market that’s really going to impact the bottom line for thousands of businesses who are looking to cut costs while retaining talent,” said Shreyansh Singh, Head of Investments at Polygon Ventures. “We’ve already witnessed the platform generating up to 75% in savings for customers in the private beta and are looking forward to the Antimetal team making this widely available.”
