We’ve long documented the challenges that DevOps and operations teams in specific areas like security face these days when it comes to data observability: a wide range of services across the landscape of an organization’s network translates into many streams of data that they need to track for performance, security and other reasons. That’s leading to the rise of a wave of startups building tools to improve how to manage this. In one of the latest developments, Coralogix, which has built a platform to harness those data streams into one mighty river is announcing a mighty round of funding to expand its business.
The Israeli startup, which also has an HQ in San Francisco, has raised $142 million, funding that it will be using to continue investing in its R&D as well as in building out more of its sales and business development globally.
This is a Series D round, and it is being co-led by Advent International and Brighton Park Capital, with participation also from Revaia Ventures and previous backers Greenfield Partners, Red Dot Capital Partners, Eyal Ofer’s O.G. Tech, StageOne Ventures, Joule Capital Partners, and Maor Investments.
The company is not disclosing its valuation — specifically, CEO and co-founder Ariel Assaraf told me that it would not be disclosing this figure because of the current climate around fundraising (very tough) and the fact that he and the rest of the team are humbled by that. But he did acknowledge it was definitely an up-round that came on the back of very strong numbers since its $50 million round less than a year ago (when it was valued at between $300 million and $400 million), with revenue in the last year growing threefold, positive ROI on its R&D spend and 50% growth in headcount. It has raised $238 million to date and says its 2,000+ customers.
When we covered Coralogix’s funding round last July, the company’s unique selling point was providing a particular approach to stateful streaming services — specifically providing tools to amass log analytics and metrics to platform engineers, with emerging pockets of opportunity also in security services (which also need data observability, and in which the company recently launched a dedicated service called Snowbit) and business intelligence, based around its flagship Streama product.
Essentially, Coralogix allows DevOps and other engineering teams a way to observe and analyze data streams before they get indexed and/or sent to storage, giving them more flexibility to query the data in different ways and glean more insights faster (and more cheaply because doing this pre-indexing results in less latency).
Added to this, the company is now going to be adding in a fourth area: now it will also offer a distributed query engine for fast queries on mapped data from a customer’s own archives in remote storage. As with the other tools, part of the aim is speed but the other (related to it) is cost savings, some 40-70% less compared to other tools used to query data in storage, …read more