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Stacklet has raised $18 million as the developer of a governance platform rushes to meet the demand from companies expanding their cloud footprints. Venture firm Addition led the funding round which also included investment from Foundation Capital and Liam Randall, who joined the company as vice president of business development.

The startup just came out of stealth last August and its platform is built on the open-source project Cloud Custodian. The security and governance project is being developed under the auspices of the Cloud Native Computing Foundation.

“Organizations are moving to the cloud faster than we expected due to COVID-19 which has resulted in cloud governance and costs needing to be better addressed and managed,” said Stacklet cofounder and CEO Travis ...