It’s a rare organization that does not touch cloud computing in some form or the other.
And with the industry expected to grow from $0.58 trillion in 2023 to $1.24 trillion by 2028, a huge part of that growth will come from startups and emerging players, offering creative solutions to help organizations automate and optimize processes and driving new artificial intelligence (AI) and machine learning use cases.
Our chosen startups may not have been “born in the last six months”, but they are fledgling companies proving their Product Market Fit and spreading their reach into the cloud market.
So, in alphabetical order, here are our…
7 Top Cloud Computing Startups to Watch in 2024
7. Cast AI (founded in 2019)
Cast AI is a cloud optimization platform for Kubernetes. Cast AI aims to reduce organizations’ cloud costs – it claims by at least half – for Amazon Web Services (AWS), Google Cloud Platform (GCP), and Microsoft Azure customers that use Kubernetes’ cloud-native technology.
It uses automation and artificial intelligence to analyze compute resources, identifying which are necessary for specific Kubernetes workloads. The platform automatically selects the best combinations and configures memory and CPUs to stop over-provisioning. The Cast AI platform understands companies’ application needs at any point and uses that information to implement real-time changes for the best cost and performance.
Because Cast AI uses automation to slash the operational costs of cloud services, it allows organizations to focus on building products rather than worry about the cloud infrastructure.
In November 2023, Cast AI raised $35 million in series B funding from three investors, including Vintage Investment Partners. And earlier this year, the company introduced a $20 million investment round led by Creandum, bringing the total funding raised to $73 million. Cast AI plans to further automate Kubernetes optimization and expand its product offerings.
6. Chronosphere (founded in 2019)
Chronosphere offers a cloud platform that analyzes the data created by organizations’ information technology assets to find technical issues.
The platform enables companies to monitor their data and fix application and infrastructure problems before they affect the experiences of their customers and the bottom line.
It also helps organizations tame their uncontrolled data growth and the complexity inherent in cloud computing.
The platform gives administrators access to controls that enable them to regulate what and how much information is processed.
This helps control the infrastructure costs associated with processing their data. Chronosphere has raised $342.5 million in funding over four rounds – increasing the company’s valuation to $1.6 billion – backed by Alphabet’s GV formerly Google Ventures), Geodesic Capital, Lux Capital, General Atlantic, Founders Fund, and others.
5. Dazz (founded in 2021)
Dazz is a cloud security platform that helps companies identify and mitigate security risks in their cloud environments.
Dazz aims to enable security and development teams to quickly remediate security issues via automation.
The platform identifies architectural issues that may cause vulnerabilities and automates the remediation process, doing away with the manual process of fixing security vulnerabilities.
The platform is designed to solve the challenges of modern security remediation across the software development lifecycle. And it serves as a centralized location for remediating issues across infrastructure, applications, cloud platforms, and code.
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The company’s Unified Remediation Platform brings together data from various detection tools, correlates related issues, and determines their root causes, enabling customers to reduce their exposure to cyber risks.
Dazz has raised a total of $60 million in funding over two rounds from Cyberstarts, Greylock Partners, Insight Partners, and others, according to Crunchbase.
4. DuploCloud (founded in 2018)
DuploCloud sells tools to make it easier for organizations to provision apps to AWS, GCP, and Azure public clouds.
The DuploCloud platform enables compliance and security for operators and engineers in companies whose infrastructures are hosted on the public cloud. The platform is a self-hosted single-tenant solution deployed within customers’ cloud accounts and accessed through DuploCloud’s user interface, Terraform, or API.
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The platform automates the provisioning of organizations’ applications to the public cloud. It integrates DevOps, cloud operations, and security/compliance with round-the-clock monitoring and support. DuploCloud aims to make infrastructure-as-code and DevOps accessible for everyone.
DuploCloud has raised a total of $49.5 million in funding over three rounds, the latest round in November 2023, from Mayfield Fund, Westbridge Capital, StepStone Group, and Monta Vista Capital, according to CrunchBase. The company is putting the funding toward engineering as well as the general growth and expansion of its platform.
3. Grip Security (founded in 2021)
A cloud data security startup, Grip Security provides cloud security software to help organizations protect their data and cloud apps from hacking and prevent data loss. Using a zero-trust approach, Grip Security monitors, controls, and audits enterprises’ cloud activity across networks, devices, and users.
Grip Security provides end-to-end visibility, data security, and governance, enabling companies to secure their software-as-a-service (SaaS) environments. It helps organizations identify, prioritize, secure, and orchestrate the mitigation and remediation of the risks associated with adopting SaaS. Grip Security’s SaaS Security Control Plane platform enables enterprises to identify rogue cloud and shadow SaaS accounts.
Grip Security has raised a total of $66 million in funding over four rounds, the latest round in August 2023, from investors, including Third Point Ventures. YL Ventures, Intel Capital, and The Syndicate Group, according to Crunchbase. The company’s valuation is estimated to be between $200 million and $400 million.
2. Impossible Cloud (founded in 2021)
A cloud storage specialist, Impossible Cloud provides decentralized, multi-service cloud offerings. Impossible Cloud’s platform is based on blockchain cloud infrastructure and Web3 technology for secure data storage and computing, making it cost-effective and scalable.
The company offers a set of services, including cloud storage for big data, archives, and backups, for business-to-business customers. In addition, Impossible Cloud enables customers to access a worldwide network of storage hubs, enabling efficiency and reliable performance near the customers’ edges.
A fiat-based payment system backs its services, so there’s no need to transact with cryptocurrencies or tokens. Impossible Cloud has raised approximately $10.9 million over two funding rounds from seven investors, including TS Ventures, 1kx, and HV Capital, according to Crunchbase.
1. Wiz (Founded in 2020)
Cloud security startup Wiz helps organizations prevent, detect, and respond to threats quickly to reduce risks in public cloud infrastructures, including AWS, GCP, Azure, and Kubernetes, that could allow hackers to gain control of their assets and steal sensitive customer information.
More than 40% of Fortune 100 companies use Wiz. Wiz’ security graph correlates data across the different areas that organizations are trying to protect, including their networks and workloads.
The company has extended its support for Google Cloud’s Vertex AI, including support for organizations to build, deploy, and scale AI models on cloud infrastructures.
Wiz has raised $900 million in funding over three rounds – hitting a total valuation of $10 billion – from such 15 investors, including Bernaud Arnault, Greenoaks, Sequoia Capital, Lightspeed Venture Partners, and Blackstone Group, according to Crunchbase.
The cloud is the under-rated change in the tech world, almost invisible to the wider world but integral to how we live and work.
There’s plenty of innovation ahead in the industry, and these are our pick of startups changing how businesses operate.
We will keep an eye on them all in 2024!