Early stage investment company Antler Australia recently backed a new cohort of startups as part of its ongoing program to build great local tech companies.
Startup Daily is sharing the details of each venture in the “Antler Investor Memos” series, which is designed to give you a quick, sharp understanding of the startups and people involved, with many seeking follow up capital following Antler’s initial pre-seed investment.
Company: Morfless
Founded: August 2023
Stage: Pre-seed
Founders: Ian Corbally (CEO) and Domagoj Filipovic (CTO)
Current investors: Antler
Currently raising: Yes
The Business
The global cloud computing market is projected to reach US$1.44 trillion by 2029, growing at a CAGR of 16.40%.
As cloud adoption continues to accelerate, so does the complexity and cost associated with managing cloud infrastructure. One-third of all cloud spend is estimated to go to waste according to Forbes, posing a significant challenge for businesses striving to optimise their cloud budgets.
Morfless was founded by Ian Corbally and Domagoj Filipovic to address this issue head-on. The duo realised the pressing need for a platform that could automate the tedious and complex tasks involved in managing cloud spend, thereby improving operational efficiency and reducing costs.
The platform leverages advanced machine learning algorithms and artificial intelligence agents to identify cost-saving opportunities, optimise resource usage, and prevent unnecessary expenses.
Their unique value proposition lies in the development of autonomous financial operations (FinOps) agents. These AI-powered tools help software and finance teams detect and mitigate cloud waste, reducing both financial expenditure and the environmental impact of over-provisioned resources.
Morfless provides a comprehensive suite of solutions, including cloud intelligence dashboards, rate and usage optimisation, and advanced waste detection, ensuring that businesses can navigate the complexities of cloud spend with ease and precision.
Antler investment thesis
“Antler’s investment in Morfless is driven by the startup’s innovative approach to cloud cost management, a rapidly growing market opportunity, and the founders’ proven track record in the industry,” says Antler in Australia Partner, James McClure.
“Morfless’s platform aligns with Antler’s focus on investing in tech-driven solutions that address critical business challenges. The platform’s potential to deliver significant cost savings and its scalable business model make it an attractive investment opportunity. Antler believes that Morfless’s technology has the potential to revolutionise the FinOps landscape, providing substantial value to enterprises globally.”
Traction/milestones
Over the past 12 months, Morfless has made significant strides in the cloud cost management space. The company has successfully developed and launched its AI-powered platform, gaining traction among a wide range of Australian and New Zealand sectors – from the largest national media websites to marketing agencies and software companies.
Notable clients include Digivizer, CryptoTax Calculator, Mad Mex, Systema AI, Arcanum AI, Stuff Ltd, Canibuild, Earlytrade, Sentia and more. These companies have reported substantial savings on their cloud spend, thanks to Morfless’s advanced algorithms and automation capabilities.
Morfless has not only demonstrated product-market fit but has also shown the potential to scale its solution across different industries. The platform’s user-friendly interface and robust analytics capabilities have made it a preferred choice for engineering and finance teams looking to streamline their cloud cost management processes.
Latest funding
Pre-Seed from Antler
Use of Funds
Antler’s pre-seed investment will be used to expand the sales team, increase marketing efforts, and enhance product development. Morfless aims to scale its operations, acquire new customers, and further refine its platform to meet the evolving needs of its users.
The investment will also support the hiring of additional technical talent to accelerate the development of new features and integrations, ensuring that Morfless remains at the forefront of the FinOps landscape.
The founders say
“Antler has been incredibly helpful with their introductions, not just to investors but to advisors, customers, and partners,” says Ian Corbally.
“Their support has been crucial in helping us navigate the challenges of scaling a startup and reaching the right stakeholders.”
“We are on a mission to help organisations reduce their carbon footprint through cloud cost optimisation,” adds Domagoj Filipovic.
“Our platform not only saves money but also promotes sustainable cloud practices by identifying and eliminating waste. It’s been great to be aligned with Antler, as a strong ESG advocate and ESVCLP investor, to help bolster this cause.”
What’s next?
Antler, a global early-stage VC, is revealing its latest investments in ambitious Australian founders and startups. With over 100 investments in early-stage companies, Morfless is one of its most recent portfolio companies.
- StartupDaily is the official media partner of Antler in Australia.
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