Lithuanian tech company CTO2B raises €1 million for automating software development and operations on various cloud platforms.
A Lithuanian startup named CTO2B has announced the successful closure of a €1 million Pre-Seed funding round for its SaaS platform. The platform offers automated DevOps on cloud infrastructure, aiming to revolutionize the way businesses manage their cloud resources.
The Problem
Companies often face challenges in building and maintaining their cloud infrastructure, spending millions in the process. The complexities of cloud management can divert engineering teams from their core tasks, slowing down innovation and productivity.
The Solution
CTO2B's platform optimizes cloud costs, ensures high availability, simplifies security and compliance, and automates DevOps tasks, freeing up engineering teams to focus on developing core features and functionalities.
How It Works
- Automated DevOps SaaS Platform: The platform automates many aspects of cloud infrastructure management, including provisioning, scaling, monitoring, and maintenance.
- Cost Optimization: The platform continuously monitors cloud resource usage and identifies opportunities to reduce costs, such as downsizing or shutting down underutilized instances, right-sizing resources according to workload demand, and automating the scaling up or down of infrastructure.
- High Availability: To ensure applications remain available and resilient, CTO2B automates the deployment and management of redundant resources, failover mechanisms, and backup strategies.
- Security and Compliance Simplification: The platform incorporates automated security best practices, such as configuration management, vulnerability scanning, patching, and compliance checks, helping businesses adhere to industry standards and regulatory requirements.
- Freeing Up Engineering Teams: By handling the routine and complex operational tasks involved in managing cloud infrastructure, CTO2B lets engineering teams focus more on building applications and features.
The Funding
The Pre-Seed funding round was led by Practica Capital, with FIRSTPICK also participating. Arvydas Bložė, partner at Practica Capital, expressed confidence in CTO2B's infrastructure-as-a-code solution, while Dmitrij Sosunov, partner at FIRSTPICK, expressed excitement about backing the CTO2B team due to their experience and knowledge in the field. The specific number of investors or the terms of the investment were not disclosed.
The Future
The funding will be used to further develop the platform and scale operations. CTO2B's co-founder, Andrius Bagdonavičius, stated that the company was born from the desire to share expertise and streamline DevOps for businesses on any cloud platform. The platform eliminates the need for specialized cloud infrastructure skills, breaking the cycle of repeatedly solving the same infrastructure problems for every new company.
The launch timeline for the platform and plans for future funding rounds were not disclosed in the article. However, with the backing of prominent investors and a clear vision, CTO2B is poised to make a significant impact in the cloud infrastructure management landscape.
Fintech solutions, like CTO2B, leveraging data-and-cloud-computing technology, aim to revolutionize business operations and reduce costs by automating DevOps tasks and optimizing cloud costs, providing a means for engineering teams to focus on core product development. The successful Pre-Seed funding round highlights investor confidence in CTO2B's potential to disrupt the cloud infrastructure management landscape, using technology to simplify operations and streamline DevOps for businesses on any cloud platform.
