Funding

[Funding alert] Vilnius-based CTO2B Raises €1 Million in Pre-Seed Funding

Apr 17, 2024 | By Startup Rise EU

CTO2B, a Lithuanian startup, secures €1 million in pre-seed funding lead by Practica Capital, with participation from Firstpick and numerous business angels. The company offers a Software-as-a-Service (SaaS) platform for automated DevOps on cloud infrastructure.

CTO2B, a Lithuanian startup, secures €1 million in pre-seed funding lead by Practica Capital, with participation from Firstpick and numerous business angels. The company offers a Software-as-a-Service (SaaS) platform for automated DevOps on cloud infrastructure.

Co-founders Aleksej Trofimov and Andrius Bagdonavičius, seasoned IT professionals with a wealth of knowledge in overseeing massive cloud infrastructure, saw a persistent problem. Despite investing millions on cloud resources, businesses often encounter the same difficulties in developing and managing their infrastructure.

Andrius Bagdonavičius, CTO2B co-founder said, “We saw a need to break free from the cycle of solving the same infrastructure problems for every new company,” “CTO2B was born from the desire to share our expertise and streamline DevOps for businesses on any cloud platform.”

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The platform from CTO2B responds to the increasing need for cloud adoption from SaaS and Fintech companies, with an emphasis on giving clients a competitive edge. The platform releases engineering teams from infrastructure management by doing away with the requirement for specialised knowledge in cloud infrastructure.

As a result, they are able to focus their time and resources on creating the essential features and functionalities that set their companies apart. Additionally, CTO2B reduces cloud expenses, guarantees high availability and scalability for dependable service, and streamlines security and compliance.

Read also - Barcelona-based Factorial Secures $80Million in Funding

The platform manages infrastructure setup and continuous maintenance automatically, running smoothly on the cloud provider of the customer's choice. It provides a well-designed framework that guarantees top security and compliance right out of the box.

Pre-seed fundraising round of €1 million will support platform development and market expansion for CTO2B. With automated DevOps solutions, the company is ready to enable organisations to realise the full potential of cloud technology.

Arvydas Bložė, partner at Practica Capital said, “Andrius and Aleksej have built strong domain expertise working in demanding banking and fintech sectors,” “We have made a high conviction bet on the infrastructure-as-a-code solution with strong demand pull from the market.”

Dmitrij Sosunov, partner at FIRSTPICK said, “FIRSTPICK shares the view on the DevOps industry’s needs and challenges, such as cloud computing growth, data security and compliance, complexity of cloud migration and in general skills gaps. This is why we are excited to back the CTO2B team which brings years of experience and knowledge in the field and presents a truly innovative approach to revolutionize the DevOps landscape,”

About CTO2B

CTO2B was established in 2019 and has since established a solid reputation in the fintech industry by successfully empowering clients who specialise in core banking, SEPA payments, identity, and other vital fintech services. By optimising their cloud operations, our platform helps them reach their strategic business objectives.

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