Lithuanian Cast AI gets unicorn status

The Lithuanian company Cast AI, which develops a product to optimize cloud costs for businesses, has announced the attraction of strategic investments from Pacific Alliance Ventures. Although the exact amount was not disclosed, after this round of financing, the cost of Cast AI exceeded $1B, thanks to which the company was able to obtain the status of a unicorn. 

Cast AI is a company that specializes in automating cost optimization in cloud computing, including the Kubernetes system. This solution allows you to manage your cloud infrastructure more efficiently by automating the allocation and optimization of resources. The company was founded in Lithuania in 2019 by Yuri Frayman, Laurent Gil, and Leon Kuperman. Cast AI is based in Miami, USA, but most of the development is conducted in Lithuania. The company has divisions in India, Singapore, Great Britain and other countries. Cast AI's clients include global companies such as Akamai, BMW, Cisco, FICO, HuggingFace, NielsenIQ, Swisscom, and TGS.

With the new funding, the company is expanding its product portfolio with Omni Compute, which will allow organizations to perform work tasks, starting with AI logical inference, without being tied to the cloud and at the same time control the location of tasks.

Pacific Alliance Ventures is an American division of the corporate venture capital of the South Korean conglomerate Shinsegae Group. This group is worth more than $50B. He works in retail, services, and digital platforms, and develops projects with technology giants such as Alibaba International.