CTO2B, a Lithuanian startup offering a Software-as-a-Service (SaaS) platform for automated DevOps on cloud infrastructure, announced the close of a €1 million pre-seed funding round led by Practica Capital with participation from Firstpick and several business angels.
Co-founders Andrius Bagdonavičius and Aleksej Trofimov, veterans of the IT industry with extensive experience managing large-scale cloud infrastructure, identified a recurring pain point. Companies spend millions on cloud resources yet repeatedly face the same challenges in building and maintaining their infrastructure.
“We saw a need to break free from the cycle of solving the same infrastructure problems for every new company,” said Andrius Bagdonavičius, CTO2B co-founder. “CTO2B was born from the desire to share our expertise and streamline DevOps for businesses on any cloud platform.”
CTO2B’s platform addresses the growing demand for cloud adoption among Fintech and SaaS businesses, with a strong focus on enabling customers to gain a competitive advantage. By eliminating the need for specialized cloud infrastructure skills, the platform frees up engineering teams from infrastructure management. This allows them to dedicate their time and resources to developing the core features and functionalities that truly differentiate their businesses. CTO2B also optimizes cloud costs, ensures high availability and scalability for reliable service, and simplifies security and compliance adherence.
The platform operates seamlessly on a customer’s chosen cloud provider, automatically handling infrastructure setup and ongoing maintenance. It delivers a well-architected framework, ensuring optimal security and compliance out of the box.
Founded in 2019, CTO2B already has a proven track record within the fintech sector, having successfully empowered clients specializing in SEPA payments, identification, core banking, and other critical fintech services. Our platform streamlines their cloud operations, facilitating the achievement of their strategic business goals.
This €1 million pre-seed funding round will fuel CTO2B’s platform development and market expansion. The company is poised to empower businesses to unlock the full potential of cloud technology with automated DevOps solutions.
“Andrius and Aleksej have built strong domain expertise working in demanding banking and fintech sectors,” added Arvydas Bložė, partner at Practica Capital. “We have made a high conviction bet on the infrastructure-as-a-code solution with strong demand pull from the market.”
“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,” said Dmitrij Sosunov, partner at FIRSTPICK.
