Amsterdam-based Increment Data BV, a startup that builds technology to help data organisations with Data Cloud Cost Optimisation, announced that it has secured €300K in convertible loan from the North Holland Innovation Fund (INH).
Amsterdam’s INH supports SMEs and startups in the Province of North Holland with financing in the early phase.
“We provide convertible loans for Proof-of-Concept projects up to €350,000,” says INH.
“By data people, for data people.”
Founded in 2023, Increment is developing a SaaS solution to assist data organisations in controlling and optimising costs on cloud platforms such as Snowflake and Google BigQuery.
Co-founders Mees Strooker and Ben Cohen experienced the complexities of modern data cloud technology in their previous roles. While the cloud simplified data technology development, it made cost and performance management highly intricate.
Recognising this common challenge faced by data teams, they founded Increment to address the complexities of managing costs and performance in cloud-based data technology.
Increment’s solution utilises AI-driven interpretation models on cloud providers’ log data to generate detailed insights and relevant cost optimisation recommendations.
By automating the analysis of cloud usage patterns, Increment simplifies the complexities of cloud optimisation for data organisations. This approach enables data teams to make data-driven decisions, identify cost-saving opportunities, and enhance operational efficiency and cost-effectiveness.
In a company statement translated from Dutch, Ben Cohen says, “The cloud has been a catalyst for the data industry. In the past, data teams were limited by the physical capacity of servers. With the cloud, those limits no longer apply and if you can imagine it, you can build it. This has created an enormous amount of innovation, but also costs that are difficult to control.”
Brief about the North Holland Innovation Fund
INH is an initiative of the Province of Noord-Holland, the University of Amsterdam, the Amsterdam University of Applied Sciences, Amsterdam UMC, Sanquin, and the Free University, with support from the EU through the European Regional Development Fund. INH has also received support from the REACT EU fund.
The initiative provides loans to companies that need financing to prove new ideas and concepts, the so-called ‘Proof-of-Concept’ phase.
Wouter Keij, fund manager of Innovation Fund North Holland, says, “Increment has an innovative solution to make better use of Data Clouds. By analysing the log files of these platforms, costs can be made transparent and (cost) optimisations can be implemented in the processes.”
“Increment helps both large and small data-driven companies to make smarter use of modern Data Clouds,” adds Keij.
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