Ternary Announces New Platform Capabilities and More on First Anniversary
Ternary ends the first year with more than 100 active enterprise customers as well as FinOps Foundation certification and Seed funding of $6.72M
SAN FRANCISCO, February 23, 2022 (Newswire.com) - Ternary, the leading FinOps platform for Google Cloud Platform (GCP), announced new product capabilities that provide cloud engineering and IT finance teams with granular insights and automation to optimize GCP service costs proactively.
Forecasted by Gartner to surpass traditional IT spending by 2025, public cloud spending is now a material portion of IT budgets. While FinOps has become the industry standard operating model for managing the variable spend model of cloud computing, most organizations remain reactive in managing cloud costs. In particular, application development and DevOps/SRE teams lack the inspiration and tools to manage cloud costs better. As a result, these teams have been slow to expand their ownership of application health beyond quality, performance, and reliability to optimize the cost to serve.
Ternary is an advanced SaaS platform purpose-built for optimizing the costs of GCP services. Ternary provides the automation to empower application development, DevOps/SRE, IT finance, IT executives, and other stakeholders to understand, plan, and optimize GCP costs to control variable cloud spending. With Ternary, teams collaborate to identify unseen savings and ensure they continuously spend to plan.
New Ternary platform capabilities include:
Providing actionable information to stakeholders is critical to the success of enterprise-wide FinOps adoption. Scoped Views simplifies the tailoring of data for stakeholders with administrative controls for individual and group access, alerts and notifications, and the assignment of optimization recommendations for GCP services such as Kubernetes and BigQuery.
Automated Resource Recommendations:
Understanding opportunities for cost optimization is a significant challenge for public cloud customers. Ternary now automates recommendations for optimization of GCP services including compute, storage, BigQuery, GKE, CloudSQL, and other services. In addition, Ternary improves cross-team collaboration and accelerates the resolution of recommendations by providing workflows to assign and track recommended optimizations.
Enterprises struggle when comparing cloud service providers, sizing up-front commitments to secure significant discounts, and ramping consumption to meet contractual commits. Cost Compare and Ramp Plans support the full lifecycle of capacity optimization as follows:
With Cost Compare, the main cost drivers for GCP and AWS are modeled and compared side by side for better insights into providers' differences for improved decision-making.
With Ramp Plans, contractual commitments are compared to actual and forecasted consumption, helping enterprises better manage consumption to meet commitments.
Ternary expands third-party integrations to include Datadog. The integration enables the ingestion of Datadog data using a configurable API to provide custom metrics such as granular usage costs for services, unit costs for the business, such as cost per sale or cost per customer, and improving the right-sizing of services.
Customers can connect their GCP and AWS accounts to Ternary and understand their cloud costs within minutes. This rapid time-to-value is unique to Ternary, removing the need for time-consuming and costly services engagements that are the standard across the industry.
FinOps Certified Platform:
Ternary provides a SaaS platform supporting cloud financial management best practices meeting FinOps standards. By achieving FinOps standards, the FinOps Foundation has certified Ternary as a FinOps Certified Platform.
Ternary also announced closing $6.72 million in seed funding led by FinVC and NEVA SGR. Other participating investors include Oceans Ventures, Operator Partners, Great Oaks Venture Capital, and Riverpark Ventures. Ternary will use the funds to accelerate product development, expand sales and marketing efforts and build its team to meet the rising demand for its SaaS platform.
"Ternary is the only purpose-built FinOps platform for GCP. Key to our success is inspiring all stakeholders, including finance, application developers, and DevOps/SRE teams, to better manage cloud costs with Ternary," said Sasha Kipervarg, Ternary CEO. "Legacy players like Cloudhealth and Apptio have done little to serve the needs of GCP customers. By addressing the specific challenges GCP customers face, we've seen tremendous adoption of the Ternary platform. With this new round of funding, Ternary is accelerating product innovation and supporting our go-to-market strategy and investments to better serve our customers and partners."
"Before Ternary, the founders built and operated cloud applications at a multi-petabyte scale on GCP. They were active participants in the early days of the FinOps Foundation, advocating for and contributing to many of the FinOps best practices used today," said J.R. Storment, Executive Director of the FinOps Foundation. "Ternary is a FinOps Certified Platform specifically built for GCP cloud cost optimization that applies the founders' practitioner-level know-how and learnings in a platform."
"We consider the investment in Ternary as strategic to the cloud transition journey," said Mario Costantini, CEO of NEVA SGR, the Intesa Sanpaolo Group's venture capital subsidiary dedicated to the high-tech sector. "Ternary helps improve profit margins, invest more in innovation, and expand usage of Google Cloud. We believe that the company has enormous potential to become a leader in innovative solutions for the finance sector."
Ternary offers a FinOps platform for Google Cloud (GCP) to empower and inspire cloud engineers, IT finance, and business teams to optimize cloud costs. Purpose-built to address GCP customers' specific cloud cost optimization needs, Ternary is a Google Cloud Partner and a FinOps Foundation certified platform. Since launching in 2021, Ternary has grown to more than 100 active enterprise customers. To learn more about Ternary and FinOps for cloud cost optimization, visit www.ternary.app or email firstname.lastname@example.org.
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Source: Ternary, Inc.