The five-person company, which was founded last year, helps companies better manage their software as a service subscriptions. Meta SaaS says it saves customers money by identifying underutilized services, which accumulate as companies shift to the cloud.
In addition to Cuban, investors in the seed round include Barracuda Networks and Austin software industry veteran Brett Hurt.
“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,” said Arlo Gilbert, co-founder and CEO of Meta SaaS. “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.”
Prior to launching Meta SaaS, Gilbert was founder of App Suey and was executive in residence at Life Science Angels, both based in San Francisco.
Meta SaaS tracks a company’s SaaS activity and alerts it to any underutilized service or upcoming contract renewal. Auto-renewals alone can cost companies up to $10 million a year, Meta SaaS says.
“We’re generating and processing more data than ever before due to the likes of of artificial intelligence, machine vision and deep learning,” Cuban said in a written statement. “The tidal wave of data has been inextricably tied to the 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.”
Meta Saas is not the first Austin investment for Cuban, who is a businessman, investor and owner of the NBA's Dallas Mavericks. He is also a backer of The Zebra, an Austin startup that lets consumers compare car insurance rates online.
Gilbert said he got the idea for Meta SaaS after realizing what a money pit SaaS can be while leading previous companies iCall, a voice over internet protocol provider for iPhone, as well as affiliate marketing firm Click Feel Media.
Meta SaaS will use the funding to accelerate product development, hire full-time software engineers and ramp up sales and marketing.
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