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Cloud cost monitoring platform Cloudability announced on Monday that it has closed a $24 million Series B round of financing, led by the Foundry Select Fund.

According to a blog post by Mat Ellis, Cloudability CEO and founder, the funding will be used to invest in the product, which aims to create more transparency around cloud cost and utilization. Ellis said these improvements will “transform a company’s mountain of billing data into actionable insights to help them build bigger and more complex clouds with confidence and control.”

A recent report found that one-third of companies using public cloud do nothing to track their cloud costs, despite recognizing the importance, which points to a huge opportunity for companies like Cloudability.

“For five years now we’ve helped our customers manage and optimize their clouds at an insane pace. Collectively, our customers have spent nearly $4B on cloud services,” Ellis said. “Early adopters such as GE, Uber and Atlassian have demonstrated conclusively that new tools and processes are needed to optimize cloud spending and avoid waste. And an agile and decentralized approach to cloud management raises the speed limit for innovation inside their organizations.”

With the latest round, Cloudability’s total funding has reached over $40 million.

Earlier this year, Cloudability acquired self-service cloud business intelligence platform DataHero, gaining a San Francisco office in the process. Cloudability is headquartered in Portland, Oregon, where it was recently named one of Oregon’s top 100 best companies to work for in 2016.

Last August, Cloudability acquired RipFog to bring big data analytics capabilities into its portfolio.​

Original article appeared here: Cloudability Gets $24 Million to Help Enterprises Save on Cloud Expenses