Early-stage Aimably closes on $1.5 million to provide cost transparency for Amazon Web Services
Aimably offers collaboration-based AWS cost management solutions
The cloud hosting financial management company believes clients’ success starts with informed employees
Pay-as-you-go cloud hosting spending is a real uncapped liability that businesses can’t afford to ignore, even when their primary strategic goals revolve around revenue growth.”— Claire Milligan
Aimably, Inc. today announced a fresh round of funding, raising $1.5 million in convertible debt in an angel financing round, to continue its work in democratizing corporate financial understanding.
The investment comes nine months after the initial launch of their AWS cost transparency beta product, with proceeds of the investment expanding their offerings. Their ultimate goal is to assist mid-market companies in understanding, allocating, controlling and predicting cloud hosting spend. “Aimably was formed when we discovered that both operations, finance and engineering teams face the same problem when it comes to cloud hosting costs: they don’t understand them,” Chief Technology Officer Mark Milbourne said. “Our goal is to help encourage communication between departments and facilitate proactive planning and strategy.” Aimably’s approach is not to build a technical tool for technical leadership, rather to build a financial knowledge tool that bridges the gap between technology and operations, ensuring the two can speak the same language and plan collaboratively. Through its current products of Pulse, Warn, Insight, and Reduce, Aimably keeps all departments on track and communicating effectively, delivering AWS cost data to engineering and finance teams, informing employees of their impact on gross margins. Milbourne and Chief Executive Officer Claire Milligan narrowed Aimably’s focus to mid-market technology businesses undergoing business model transformation — particularly under the guidance of an equity investor — promising to stabilize cloud hosting spending and facilitate informed business planning. After doing so, Aimably beta customers experienced their AWS bill growth rates decrease by an average of 96% within the first month of implementation. “As private equity firms survey their portfolio company cloud computing costs, the monthly variance can often take partners by surprise,” Milligan said. “Our goal is to give corporate executives and their investors a full picture of spend and a window into how the spend can change.” Driven primarily by a pay-as-you-go model, one in three technology companies reported cloud hosting spend that exceeded budgets by 20% to 40% in 2020. While Fortune 100 clients might have someone on staff analyzing the gap, Aimably's software provides an automated solution for companies that cannot afford dedicated personnel. “Pay-as-you-go cloud hosting spending is a real uncapped liability that businesses can’t afford to ignore, even when their primary strategic goals revolve around revenue growth,” Milligan said. “At Aimably, we want to mitigate this existential threat for them.” For more information on Aimably products and services, visit www.aimably.com.