From securing Series A funding to leading in FinOps platform innovation, Ternary’s 2023 was a year of incredible growth. As we celebrate being named one of 10 cloud startups to watch in 2024, the Ternary team takes stock of the 2023 milestones that led us here—and how we’ll continue helping customers optimize their cloud spend in coming months.
Secured: Series A funding
Despite 2023 being a challenging year for startups to raise capital, in October we secured Series A funding of $12M. The funding round, led by Jump Capital, reflects confidence in 2023’s 300% growth in our customer base, which now includes some of the world’s largest enterprises and MSPs.
We anticipate attracting many more customers in 2024. Ternary can help these companies position themselves for an economy where cloud spending is skyrocketing, AI investment is increasing, and FinOps is both a necessity and a rapidly evolving discipline.
Released: 55 FinOps-forward, customer-focused features
In 2023, our team introduced 55 major new platform features, demonstrating our commitment to meeting customers’ ever-evolving needs. Read on to learn about just a few of these exciting innovations.
- Multi-cloud support. Since our 2020 founding, Ternary has led in GCP financial management. In 2023, we expanded to include support for AWS, Azure, Oracle (OCI), Alibaba Cloud, and Snowflake. (Reflecting our multi-cloud future, we also joined the Amazon Web Services Partner Network.)
- Anomaly alerting. High growth, rapid innovation, evolving service, and democratized management are hallmarks of organizations successfully leveraging cloud. But such continuous change makes it harder to identify expectations, let alone anomalies. Ternary’s alerts leverage AI/ML to “automagically” determine which cloud usage anomalies warrant attention, before they become problems.
- Cost allocation engine. With our flexible cost allocation engine, customers can augment the original billing data with adjustments, such as moving charges between business entities. Consider the case of Enterprise Support. It’s purchased once a month in the central billing account but needs to be cross-charged to application groups, cost centers, or business units. By simply identifying the charges and the distribution method (fixed percentage or proportional), those cost items are distributed. And Ternary distributes them correctly, as new line items, preserving the original records so they can be audited or revisited if allocation rules change.
- Cloud case management (CCM) and two-way Jira integration. FinOps adoption requires assimilating insights into organizations’ existing workflows. Ternary’s CCM feature enables users to identify, assign, and track key findings. And, with our best-in-class Jira integration, you can report in either Ternary or Jira. Updates populate in both tools simultaneously, so team members stay apprised.
- Scoped view groups and SSO functionality. Our scoped views provide streamlined data controls and user assignments. Meanwhile, SSO ensures efficient onboarding, provisioning each user with appropriate data access in Ternary to do their jobs.
- Cloud SQL recommendations. To decide which recommendations they should implement when, customers need to visualize how these insights apply across all services consumed. As with Google Kubernetes Engine, database instances can sometimes be wildly over-provisioned. This offers opportunities for significant savings.
- Our new AWS compute commitment planner provides valuable insight into potential savings and current realized savings for AWS compute users’ existing commitments.
Hired: FinOps thought leaders
In 2023, we welcomed outstanding new teammates from companies like Cloudability and CloudHealth, furthering Ternary’s expertise in the cloud cost management space. Overall, we grew our team by 40%. In 2024, we are already expanding our executive team to cement our vision and industry leadership. We look forward to introducing our new teammates in greater detail, in coming weeks.
In a competitive field, Ternary’s team sets us apart, with original FinOps Foundation members and operators who were in the room when FinOps was born. We’ve operated some of the biggest Hadoop clusters on record and migrated large workloads to AWS, Azure, and GCP. Seeing firsthand the pain of overshooting cloud budgets, we built Ternary on insights from our experience. This equips us to address customers’ pain points and goals with shared understanding, curiosity, and responsive action.
Sponsored: key cloud cost management events and standards
Ternary shared our thought leadership by sponsoring marquee events in the cloud cost management industry, from FinOps X to Google Next and AWS re:Invent.
Our blue-shirted team logged hundreds of miles on convention-hall floors and gave breakout presentations on our platform’s unique value proposition. We networked with an inspiring range of FinOps professionals and handed out thousands of Ternary T-shirts. From our booth to the rooftops, we spread the word about our innovative FinOps platform and 2023 milestones to global cloud practitioners who made the pilgrimage to San Francisco, San Diego, and Las Vegas.
As a FinOps leader, Ternary also collaborated with the FinOps Foundation to develop FOCUS, a standardized billing format for SaaS products that generate cost cost data. Read more about how we contributed to this breakthrough for FinOps practitioners and customers. Now, you can spend less time untangling multiple cloud billing formats and more time innovating.
Renewed: our commitment to serving customers
We’re proud of our 2023 milestones. We’re equally excited to surpass them in 2024, making it easier for our customers to leverage their cloud cost data for increased profitability. We’ll continue to lead the conversation, unveiling cutting-edge new features and sponsoring this year’s Google Next, FinOps X, and AWS re:Invent. Meanwhile, to dive deeper into your company’s FinOps future with Ternary, book a demo today.