Five-month-old startup Stacklet made a dent in the cloud market with its open-source cloud governance project that heightened the interest of investors.
The firm announced a whopping $18 million Series A funding led by Addition and Foundation Capital. These two investors showed support in the seed funding that happened last August 2020.
The new round of funding brought Stacklet’s total funding to $22 million. New individual investor Liam Randall was also named VP of business development, which will put contribute to the company’s success.
Randall is a key executive as he served as vice president of software innovation at Capital One. Along with investing with early-stage companies, Randall is also a long-time security executive.
What makes Stacklet's open-source cloud different is that it can help enterprises manage their data across multiple clouds, accounts, policies, and regions. While the service comes with pre-defined policy packs, users can specify their own rules—something that’s hard for existing and traditional data management.
Moreover, the startup tandems data management with analytics features on policy health, auditing, and real-time inventory. They are changing the management logs for the cloud assets too.
Advancing the Platform
According to Stacklet, they are utilizing the new funding by advancing their platform and supporting the growth of the Cloud Custodian community. Additionally, they plan to enhance hiring capacity in the engineering, marketing, sales, and customer service departments.
“Stacklet is committed to ensuring that Cloud Custodian provides the world’s best cloud governance platform and to continuing its free distribution. We look forward to working with industry partners, and in particular the major cloud providers, to ensure its widespread adoption,” said CEO Travis Stanfield.
The company developed the cutting-edge cloud asset database with multiple packs and designer partners for the cloud governance platform. Since its release, the Cloud Custodian has been downloaded more than two million times.
Now, the platform is already part of the CNCF Sandbox, with around 300 active contributors including Amazon, Microsoft, and Capital One.
For Addition, who led the Series A funding, Stacklet "has consistently delivered, innovated, and hit its milestones. We’re thrilled to build on our initial investment and continue to support the company on its journey.”
The code-approach cloud governing service is unique and keeps the job done securing the data and files. The service covers both data management with remediation capabilities and real-time governance.
