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Momento launches secretly with a serverless cache • londonbusinessblog.com

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After working as a rover roboticist at NASA, Khawaja Shams went through some sort of career pivot and joined AWS to work with engineer Daniela Miao on DynamoDB, a fully managed NoSQL database service. Not content to stop there, Shams and Miao left AWS to found together momentoa Seattle-based startup emerging today from stealth with a “serverless cache” optimized for cloud computing.

What is a serverless cache, you ask? Well, Shams describes it as an elastic, “highly available” cache that delivers frequently used data to apps and databases faster. He claims that Momento’s platform allows developers to add a cache to their cloud stack with about five lines of code, speeding up databases running in public clouds like Amazon Web Services or Google Cloud.

“Legacy caching providers offer a different model where customers have to deliver and pay for their peak capacity. These inelastic services are highly inefficient, expensive, take a lot of work to get right, and simply don’t scale,” Shams told londonbusinessblog.com in an email interview. “Momento enables customers to provide a secure cache, which can process millions of transactions per second, with a single API call.”

Shams argues that legacy caching services are complicated and inefficient, forcing engineering teams to waste time fiddling with too many configurations. Plus, he says, because they don’t scale automatically, they require technicians to take care of peak usage, which leads to wasteful spending.

In contrast, Momento handles load spikes while taking away the configuration. The platform automatically optimizes, scales, and manages caches, and also secures caches with end-to-end encryption and audit log support.

Image Credits: momento

“Cloud computing made it easier than ever for customers to quickly deliver resources. Unfortunately, during the growth-oriented phases of recent years, customers have massively hit overcapacity and are struggling with high bills from their cloud providers,” Shams said. “Momento helps customers optimize one of the most important items on their cloud bills.”

According to Shams, cloud costs skyrocketed for some enterprises during the pandemic as digital transformation efforts accelerated. a 2022 questionnaire from Anodot, an analytics platform, shows that nearly half of businesses (49%) struggle to control their cloud costs. According to According to a separate poll by Flexera, more than 50% of companies now spend more than $2.4 million each year on the public cloud.

Momento claims to have signed “multiple six-figure deals” with customers, including: CBS, NTT Docomo and smarthome company Wyze Labs. The startup received an early vote of confidence from VCs, including Bain Capital Ventures, leading to Momento’s $15 million seed funding round closing this week. The General Partnership participated along with Don MacAskill, CEO of Flickr, John Lilly, former CEO of Mozilla, and other angels.

Shams says the funding will be used to expand Momento’s engineering team by 25 employees, build a “full-cycle” go-to-market team, grow the Momento platform and add support for additional public clouds. to add.

“Due to the recent economic downturn, organizations are actively seeking cost savings and efficiency. Caching is often one of the top items on their cloud accounts, and Momento’s ability to save on their caching is compelling,” Shams said.

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