Arlo Gilbert, CEO & Co-Founder at Meta SaaS, courtesy photo.

Billionaire Mark Cuban is leading a $1.5 million seed round investment into Austin-based Meta SaaS, which runs a platform for managing software as a service subscriptions for companies.

The startup announced the investment this week which also includes Bazaarvoice and Founder Brett Hurt and participation from Barracuda Networks, Capital Factory, Deep Space Ventures and other investors.

“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,” Arlo Gilbert, CEO and co-founder of Meta SaaS said in a news statement. “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.”

“We’re generating and processing more data than ever due to the likes of artificial intelligence, machine vision and deep learning,” Mark Cuban, entrepreneur, investor and Meta SaaS advisor said in a news statement. “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.”

Meta SaaS tracks company online subscriptions and find the ones that are not being used frequently or have been abandoned altogether. It ultimately saves a company time and money.

In addition, the Meta SaaS software can notify a company when an employee leaves to end their access to subscription applications.

Meta SaaS, founded in 2016, plans to use the funds on product development, to hire software engineers and on sales and marketing. Its customers include RetailMeNot, Spredfast, Indeed, BenefitMall and Civitas Learning.

“Gilbert and CTO Scott Hertel co-founded the company after Gilbert realized what a money pit SaaS can be while bootstrapping and rapidly growing both iCall, the first VoIP provider for iPhone (acquired in 2012) as well as affiliate marketing powerhouse Click Feel Media,” according to a news release.