According to RightScale’s 2023 State of the Cloud report, cloud spend has increased to such an extent that 82% of businesses are struggling to manage expenses. Gartner backs this finding with reports that cloud spend has hit $600 billion a year. This makes cloud spend the fastest growing expense category for tech companies
This divide is what prompted Pump.co to launch its free-to-use platform, which caters specifically to start-ups. Smaller businesses with a large enough spend have a chance to get high discounts through Pump’s Groupon-style group buying model. To find the best savings, Pump’s proprietary AI models are trained to forecast a client’s individual spend based on their individual historic spend data and the collective customer spend data. The AI will then manage discounts and auto-purchase commitments on a client’s behalf to ensure that they get the maximum discount.
Alongside the advanced AI algorithms, some of the Pump’s other key features include:
- Fully automated cost savings. By using advanced AI algorithms, Pump.co automatically identifies areas where cost savings can be achieved. This provides instant algorithmic buying and selling of savings products on behalf of customers. Pump offers savings on 12 different AWS services including EC2, RDS, ECS, and more.
- Group buying. Pump also offers additional savings through group and collective spend billing discounts at scale. This model allows them to monetize their operations through AWS instead of from customers.
- Unused resources insurance. In the event of overcommitment resulting from unused savings plans or reserved instances that Pump has purchased within any 30-day period, they provide a full AWS credit hence taking away the financial risk for customers.
Pump claims that the platform requires no engineering efforts, allowing for quick deployment. This also allows for operational security as the platform will only have read-only permissions, similar to coupon codes that you add to your shopping cart to get instant discounts.
The company is currently backed by Y Combinator and has reported that over 100 customers have saved over $3M to date. The founding team consists of serial entrepreneurs with a prior exit, and Pump was featured on Forbes AI 50, America’s 50 most promising companies in AI, in 2021. Pump is also an “Advanced Tier Partner” with AWS with several AWS certifications.
CEO and co-founder of Pump.co, Spandana Nakka comments, “By combining AI automated savings and an intuitive user experience, Pump is democratizing AWS cost savings that historically only the very largest companies have had access to.”
Though the company is currently partnered with AWS, Pump is hoping to expand to other cloud platforms and deliver to-scale solutions for a broader variety of clients.
Pump.co is a platform designed to help businesses reduce AWS costs with no engineering effort. With real-time cost visibility, automated optimization, and continuous monitoring, Pump empowers organizations to achieve cost efficiency and maximize their AWS investment.
Visit the company’s website to learn more about their mission.
