Cloud cost management startup Archera is upgrading to a new office on the heels of a $17 million Series B round it announced Thursday.
Archera co-founder and CEO Aran Khanna said the startup is moving to the 155 Bellevue building in downtown Bellevue, hopefully by September. The company, which last year left its space in Seattle's Pioneer Square, has been working out of a temporary office in Bellevue while it waits for the new space to be ready.
Archera has roughly 36 employees, including about seven in the Seattle area, and aims to have a little over 45 employees by the end of the year, Khanna said.
"We have multiple Fortune 100 companies using the product," Khanna said. "We're going to be developing new types of commitment insurance."
The new office will hold about 15 to 20 people. Khanna said Archera was attracted to the new construction at the 38-year-old building, which was renovated after trading hands in 2020, and a good rate. He added that given that many of Archera's employees live on the Eastside, the new office was more convenient for the company as well.
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Archera, founded in 2019, helps clients save on cloud costs with a dashboard that shows cloud use, costs and savings. The company also offers commitment insurance for buying cloud space. According to Archera, AWS and Azure require one- to three-year commitments for clients to get a significant discount, but Archera's insurance product allows clients to get similar discounts over terms as low as 30 days. Archera's clients include Fortive and Hiya.
In June, Archera disclosed through a regulatory filing that it raised $12.1 million in funding. Khanna said that funding was part of the $17 million Series B round. Khanna spent more than a year at AWS earlier in his career, according to his LinkedIn page.
HighSage Ventures led the round, while Ridge Ventures, Amplify Partners and PSL Ventures participated. HighSage has also invested in local companies Karat and Amperity.
Archera is looking to grow its financial services partnerships, Khanna said.
"All of the things we're doing in terms of adding new products and signing these new partnerships is in service of ensuring we can provide better, cheaper products to our customers," he said.
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