Billionaire Dallas Mavericks owner Mark Cuban led a $1.5 million seed round that was closed recently for Meta SaaS, an Austin-based provider of technology that helps companies save money and better manage and utilize their software-as-a-service subscriptions.
Cuban led the round with participation from Barracuda Networks and other individual investors including data.world and Bazaarvoice founder Brett Hurt, according to a news release.
“We’re generating and processing more data than ever due to the likes of artificial intelligence, machine vision, and deep learning,” said Cuban, who is an entrepreneur, investor, and Meta SaaS adviser. “That tidal wave of data has been inextricably tied to an explosion of SaaS vendors supporting the industries advancing these complex technologies. Meta SaaS has an incredible opportunity to navigate those costly vendor waters and save companies serious money.”
“We’re generating and processing more data than ever due to the likes of artificial intelligence, machine vision, and deep learning.”
Meta SaaS CEO and co-founder Arlo Gilbert said the company helps businesses better realize how many SaaS applications they have.
“SaaS has solved numerous business problems, but it has also created a whole fresh set of pitfalls that can cost companies tens of millions of dollars annually,” Gilbert said. “The traditional method of tracking SaaS subscriptions and contracts via spreadsheet (if at all) isn’t going to cut it. In many cases, companies have absolutely no idea how many SaaS applications they’re paying for or using.”
According to the release, it’s easy with SaaS for companies to get trapped into auto-renewals they don’t need for licenses that aren’t used.
Meta SaaS leverages more than 200 prebuilt integrations with major SaaS vendors to monitor login and usage data, the release said.
Vendor utilization, employee activity, and contract timeline data is interpreted into actionable insights that show how much money the company can save and when it can be saved.