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Ternary, a multicloud spend management platform, has secured $12M in Series A funding after experiencing a 300% growth in its customer base within a year. The funding will enhance its FinOps-native platform, promoting collaboration between finance, engineering, and cloud operations. This move positions Ternary to revolutionize cloud financial intelligence, catering to the world’s largest enterprises and MSPs.
In the rapidly evolving world of cloud financial intelligence, Ternary has made a significant stride. Here’s a deep dive into their recent achievements and what it means for the future of cloud spend management.
A Year of Remarkable Growth
In just a year, Ternary witnessed an astounding 300% growth in its customer base, which comprises some of the world’s most prominent enterprises and Managed Service Providers (MSPs). This rapid expansion underscores the increasing demand for multicloud spend management solutions in today’s digital age.
Securing Series A Funding
Ternary recently announced the successful closure of a $12M Series A financing round. This funding aims to bolster the capabilities of its FinOps-native platform, which facilitates collaboration between finance, engineering, and cloud operations on a grand scale. The funding round saw participation from notable investors like Jump Capital, Fin Capital, RiverPark Ventures, Great Oaks Venture Capital, and Gaingels.
Empowering Teams with Advanced Tools
Ternary’s platform is a boon for seasoned FinOps practitioners and finance teams. It offers a collaborative environment where they can work alongside engineers to develop advanced models. These models guide the optimal allocation of resources across various products, clouds, and business units. Ternary CEO, Sasha Kipervarg, emphasized the challenges faced by finance, engineering, and FinOps teams due to the absence of a unified multicloud tool to monitor and optimize their spend efficiently.
Prioritizing Security and Scalability
Security remains at the forefront of Ternary’s offerings. The company provides a self-hosted version of its platform, catering to organizations that operate under stringent regulatory conditions.
Utilizing the Series A Funds
The funds from the Series A round will be channeled towards enhancing product development and integrating customers’ existing processes and tools. Ternary plans to introduce industry-leading features that enrich customer data from any source, ensuring scalability. They also aim to establish two-way synchronizations with General Ledger (GL) systems and integrate with forecasting and ticketing systems like ServiceNow and Jira.
A Vision for the Future
Ternary’s roadmap includes refining its multicloud ramp plans to encompass data-center spend, AI spend, and Independent Software Vendor (ISV) costs. This will enable enterprises and MSPs to gain a comprehensive view of their cloud migration costs. Ternary’s advanced AI-backed financial models will simplify complex challenges throughout the cloud migration lifecycle.
A Partner’s Perspective
Saaya Nath, a partner at Jump Capital, expressed confidence in Ternary’s potential to revolutionize cloud financial intelligence. He highlighted Ternary’s unique ability to provide granular insights on cloud financials across multiple sources, catering to even the largest spenders.
Established in 2021, Ternary has quickly risen to prominence in the multicloud spend management domain. Their platform allows finance, engineering, and FinOps teams to collaborate effectively, aligning spending with business objectives and continually enhancing cost efficiencies. Ternary currently manages over $7B in cloud spending and is a certified platform of the FinOps Foundation.
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