SAN FRANCISCO--(BUSINESS WIRE)--After a year that saw more than 300% growth in a customer base that includes the world’s largest enterprises and MSPs, Ternary, a multicloud spend management platform, announced today that it has closed a $12M Series A financing round to expand its FinOps-native platform, which enables finance, engineering, and cloud operations at scale.
The funding was led by Jump Capital, with continued support from existing investors Fin Capital, RiverPark Ventures, Great Oaks Venture Capital, and Gaingels. Ternary welcomes Jump Capital’s Saaya Nath and Fin Capital’s Logan Allin to its board of directors.
Empowering teams with cloud financial intelligence
Using Ternary, seasoned FinOps practitioners and finance teams can collaborate with engineers, creating advanced models that guide the efficient placement of resources across products, clouds, and business units.
“Spending in AWS, Azure, and GCP continues to be a large and growing expense category for a majority of enterprises,” said Ternary CEO Sasha Kipervarg. “Finance, engineering, and FinOps teams operating at scale lack single-pane, multicloud instrumentation to view, attribute, budget, and understand the cost efficiency of their spend. Innovation in the FinOps space has slowed, and legacy incumbents have failed to deliver the new capabilities required by modern finance and engineering teams, leaving leaders flying blind in the cloud.”
Ternary is built not only for scale but also for security. The company already offers a self-hosted version of its platform for highly regulated organizations.
Building an extensible platform: enabling data-center migrations with advanced models
Ternary will use the Series A funds to enhance product development, seamlessly incorporating customers’ existing processes and in-house tools. The company will accelerate delivery of industry-leading features that enrich customer data with the most relevant business data, from any source, at infinite scale. Using an API-first approach, Ternary will add two-way synchronizations with GL systems, linking to forecasting and ticketing systems such as ServiceNow and Jira. In this way, Ternary will empower customers to track cloud spending optimizations to completion.
Ternary will also deepen the sophisticated commitment modeling for its multicloud ramp plans to include data-center spend, as well as AI spend and ISV costs (e.g., Snowflake, Datadog, and Twilio). Enterprises and MSPs will be able to fully represent the cost of migrations to the cloud alongside the rest of their dynamic cloud spend, using advanced, AI-backed financial models. Ternary will simplify complex problems throughout the cloud migration lifecycle, providing real-time modeling resources and rate optimizations, placing workloads where they can be most efficient, and recommending managed services and serverless technologies from lift-and-shift migration.
“There’s no doubt that in today’s increasingly complex and accelerated digital environments, improved cloud financial intelligence is imperative,” said Saaya Nath, partner at Jump Capital. “The needs of the market have outpaced the features legacy solutions have been able to deliver — and we believe Ternary is strongly positioned to meet this demand. Driven by a deep appreciation for their customers’ challenges and a keen eye toward innovation, the Ternary team has solved the ‘breadth vs. depth’ challenge. Ternary has built a product that elevates incredibly granular, stakeholder-specific insights on cloud financials across any number of relevant sources — effectively serving even the largest of spenders — and done so in a secure, limitlessly scalable way. We're thrilled to partner with Ternary as they become the breakout FinOps platform for the enterprise space.”
Kipervarg added, “Enterprises and MSPs invest strategically in cloud infrastructure to make money. Ternary provides the sophisticated functionality they need to understand if that spend is efficient, using groundbreaking AI/ML features that unlock unlimited scale. We release features each week that allow finance, engineering, and FinOps teams to collaborate and make their spend as efficient as possible.”
About Ternary
Ternary is a multicloud spend management platform customers can leverage to optimize their costs. Using Ternary, finance teams collaborate with engineering and FinOps teams to align spending with business objectives and continuously improve cost efficiencies. Ternary’s platform is available as a SaaS product or as Ternary Self-Hosted. Since launching in 2021, Ternary has grown to hundreds of active customers and manages more than $7B billion in cloud spending. Ternary is a FinOps Foundation Certified Platform. To learn more about Ternary and FinOps for cloud cost optimization, visit ternary.app or email success@ternary.app.
