(Reuters) -Cast AI, a Miami-based startup that helps businesses automate cloud infrastructure management, said on Wednesday it has raised $108 million in a late-stage funding round led by G2 Venture Partners and SoftBank Vision Fund 2.

The oversubscribed round, which also saw participation from existing investors such as Aglaé Ventures, valued the company at $850 million, a person familiar with the matter said.

This brings Cast AI's total funding to over $180 million, as it looks to expand to more markets and cater to growing demand.

The company helps businesses reduce cloud costs and improve performance by automating how applications use cloud resources like CPUs and GPUs.

Cast AI said demand is rising quickly as more organizations adopt AI tools and struggle with the high cost of cloud computing.

"Reducing costs is key. But it's not just about costs-it's about automatically finding the right models and availability of GPUs and CPUs, maintaining performance and cutting costs," Cast AI founder Laurent Gil told Reuters.

"Over the past six months, we have seen a major acceleration in demand for Kubernetes automation as AI adoption surged."

Kubernetes is an open-source tool that helps manage apps on the cloud.

Cast AI counts 2,100 companies around the world as customers and some large clients include Akamai ( AKAM ), German automaker BMW, FICO and HuggingFace.

The company said the new funding will be used to expand its automation platform, hire more talent and reach more global customers.

Its new backers, including SoftBank and G2, also invest in AI companies such as OpenAI and Crusoe Energy Systems. The ChatGPT creator, SoftBank and cloud firm Oracle are key partners behind the $500 billion Stargate project to build several data centers in the United States.