Archera announces $17 million in Series B funding

Archera announces $17 million in Series B funding | Insurance Business Canada

Reinsurance

Archera announces $17 million in Series B funding

The latest funding round to paves the way for Archera’s expansion into multi-cloud offerings

Reinsurance

By
Althea Javellana

Archera has announced that it has successfully concluded a $17 million Series B funding round and secured access to over $100 million in reinsurance capacity. These milestones allow the company to enhance its insurance and financing products, designed to facilitate flexible and cost-effective cloud resource procurement.

Archera’s suite of services is tailored specifically for cloud engineering, DevOps, and finance teams. These teams face the daily challenge of managing cloud resources efficiently. To address this, Archera offers a free management platform alongside unique insurance and financing products.

At no charge, Archera provides functionalities like cloud discount automation and FinOps visibility. The company currently offers the following:

Free Cloud Management Platform: This includes comprehensive management tools for savings plans, reserved instances, and committed use discounts, alongside capabilities for cost and usage tracking and long-term forecasting.
Insured Commitments: Customers can secure savings on reservable services from AWS and Azure, with terms starting as brief as 30 days.

“Effective cloud management transcends mere cost control and standard cost-saving tools,” said Aran Khanna, CEO of Archera. “It addresses the financial uncertainties associated with committing to cloud resources, and our solutions are designed to do just that.”

The latest funding round, led by HighSage Ventures with contributions from Ridge Ventures, Amplify Partners, and PSL Ventures, will fuel Archera’s expansion into multi-cloud offerings and new financial products.

“Archera is precisely what enterprise DevOps and finance teams need to streamline cloud purchasing and management,” said Mike Dauber, general partner at Amplify Partners.

Additionally, Archera is forming a strategic partnership with Relm Insurance to enhance its insurance underwriting capabilities. This collaboration comes at a time when Archera has reported a 500% growth in revenue, a 1,200% increase in its customer base, including significant players like Hex and OctoAI, and extended its influence among Fortune 500 companies. This growth trajectory is set to accelerate further through partnerships with major cloud providers such as AWS.

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