AI cloud cost optimisation startup PointFive has raised $60 million in funding led by Accel, the Wall Street Journal (WSJ) reported on Sunday.
The company was valued at about $500 million.
Founded in 2023, PointFive helps companies find and reduce unnecessary AI-related cloud spending. It integrates into customer systems and suggests ways to cut costs, such as using cheaper AI models.
PointFive CEO Alon Arvatz said, "For large companies, wasteful spending can amount to millions of dollars a year," adding, "PointFive is a customer efficiency coach."
PointFive's annual recurring revenue rose sixfold last year. Spending by existing customers more than doubled. It is targeting fivefold revenue growth this year.
Its customers include German power company E.ON, Brazilian digital lending firm Nubank and U.S. sporting goods company Fanatics.
PointFive is also preparing TokenShift, a new service to track and control internal corporate AI use.
Chi-gyu Hwang
delight@d-today.co.kr