- Israeli tech startup Nuweba raised more than $10 million in seed funding earlier this year.
- The serverless computing startup is part of growing market forecast to be worth around $15 billion by 2023.
- The firm considers itself an up-and-coming challenger to Amazon Web Services, saying its online architecture offers greater scalability at a lower cost.
- Business Insider got an exclusive look at the pitch deck Nuweba used to convince its backers to invest.
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Nuweba, an Israeli startup working to increase the speed of serverless technology, raised more than $10 million in seed funding earlier in 2020.
The firm, which came out of stealth mode in 2019, positions itself as a challenger to Amazon Web Services’ cloud computing, claiming their serverless architecture offers greater scalability, more flexibility, and lower overheads.
According to Markets and Markets, a market research firm, the serverless tech industry is expected to be worth $14.9 billion globally by 2023.
The $10.2 million funding round was led by Blumberg Capital, with support from Magma Partners and Target Global.
“Serverless technologies are exciting and believed to be the future of cloud, but speed, security and visibility still remain the top obstacles to adoption,” said Ido Neeman, CEO, Nuweba.
“We’re honored to be leading the charge with solutions to these problems, and this additional funding will help continue momentum towards bringing serverless technology mainstream.”
“It’s impressive to see a newcomer to the serverless cloud computing space like Nuweba rise above the competition,” added Yodfat Harel Buchris, managing director of Blumberg Capital.
“The strength and experience of the Nuweba team is undeniable.
“We’re excited to back a company changing the way businesses operate applications in the cloud by solidifying serverless as a leading architecture for modern workloads.”
Nuweba gave Business Insider an exclusive look at a redacted copy of the pitch deck it used to convince its backers to invest: