Pump.co has announced the launch of its next-gen AWS savings platform, which is geared to help start-up companies instantly save money on their AWS cloud spend, which is the fastest growing expense for tech companies. Many companies have made it clear that they’re quickly becoming overwhelmed by this expense, especially in the new era where AI is requiring ever greater compute resources and correspondingly high AWS spend. In comes Pump.
The company’s biggest draw is its group buying feature, which offers additional savings through group and collective spend billing discounts at scale. Pump also dynamically buys and sells savings commitments in real time to adapt to the size of your environments and any possible traffic spikes to ensure that they’re getting the best savings possible. This model allows the company to monetize its operations through AWS instead of passing the cost onto the customer. Meaning, and this is a big one, that Pump is also free-to-use.
Pump’s platform uses proprietary AI that’s trained to forecast a client’s cloud spend based on individual historic data. By using advanced AI algorithms, Pump will then automatically identify areas where cost savings can be achieved and provide instant algorithmic buying and selling of savings products on the customer’s behalf. This also means that Pump mirrors a client’s AWS consumption to their commitments in real time.
Because Pump has so much confidence in its AI savings algorithms, in the event of any overcommitments resulting from unused savings plans or reserved instances, Pump will provide a full AWS credit for any related purchases made within 30 days.
Pump offers savings on 12 different AWS services including EC2, RDS, ECS, and more and the highest levels of security. Customers can rest assured that Pump only has access to the minimal amount of read-only permissions needed to operate. The platform doesn’t have access to a client’s code, consumer data, or network traffic, which means that Pump remains lightweight and deploys quickly.
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.”
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.
This launch is only the enthusiastic start for Pump. 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 fintech platform designed to help small businesses reduce their AWS costs with no engineering effort and at no cost to them. 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 dedication to help small businesses save big.
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