Stacklet has raised $18 million as the developer of a governance platform rushes to meet the demand from companies expanding their cloud footprints. Venture firm Addition led the funding round, which also included investment from Foundation Capital and individual investor Liam Randall, who joined the company as vice president of business development.
The startup just came out of stealth last August, and its platform is built on the open source project Cloud Custodian. Stacklet’s security and governance project is being developed under the auspices of the Cloud Native Computing Foundation.
“Organizations are moving to the cloud faster than we expected due to COVID-19, which has resulted in cloud governance and costs needing to be better addressed and managed,” Stacklet cofounder and CEO Travis Stanfield said in a statement. “This has created an exciting opportunity for Stacklet and the Cloud Custodian community. Stacklet is committed to ensuring that Cloud Custodian provides the world’s best cloud governance platform and to continuing its free distribution.”
Stacklet is essentially commercializing Cloud Custodian and remains a leader in its open source development and growing the community of contributors around it. By creating a cloud-based platform that incorporates hundreds of policies, Stacklet helps enterprises optimize data governance across different clouds, accounts, and regions.
The goal is to improve security and regulatory compliance while reducing costs. The company said it will use the funds to continue growing the Cloud Custodian open source community while also expanding hiring.
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