Israeli in-stream data analytics company Coralogix today announced it has completed a $142 million Series D financing round. Most of the funds will go to the company for investment although some of the funds are being used to purchase shares from existing shareholders in a secondary deal. This brings to $328 million the total amount raised by the company.
New investors Advent International and Brighton Park Capital co-led the round with participation from Revaia Ventures and existing investors Greenfield Partners, Red Dot Capital Partners, Eyal Ofer’s O.G. Tech, StageOne Ventures, Joule Capital Partners, and Maor Investments. Alek Ferro of Advent and Mike Gregoire of Brighton Park have joined the Coralogix board of directors.
Coralogix was founded in 2014 by CEO Ariel Assaref and CTO Yoni Farin and has 180 employees in Tel Aviv and San Francisco.
Until recently such large financing rounds were standard but following the sharp falls in share prices of tech companies on Wall Street, some startups are struggling to raise large amounts at the valuations they seek. Nevertheless, Assaraf said that raising the money was not especially difficult and it took one month before the memorandum of understanding was signed and another month until the final closing.
With the funds from this round, Coralogix will develop its product, and R&D teams within the Americas, EMEA, UK, and APAC. Coralogix will continue evolving from a best-in-class log analytics platform to a full-stack observability platform with robust capabilities for metrics, tracing, and security data, in addition to logs. With data volumes and costs growing exponentially and coverage options becoming more limited, having all data insights in a centralized platform is critical for DevOps, Engineering, and Security teams.
The company’s flagship Streama technology enables real-time insights and alerting for all observability data with no reliance on storage or indexing. In addition, the company is announcing a new distributed query engine enabling fast queries on dynamically mapped data from the customer’s remote storage. This enables customers to analyze data in-stream and then query it from their own archive. The platform changes the unit economics of observability to give customers a 40-70 percent reduction in costs while simultaneously improving their performance and data insights.
In the past year, the company has signed up growth and enterprise customers in the US, Israel, India, and EMEA. Coralogix also expanded into the security market with the launch of Snowbit, a cybersecurity venture focused on helping cloud-native companies comprehensively manage the security of their environments.
Assaraf said, "Our approach at Coralogix is to solve the fundamental challenges of ever-growing data volumes and system complexity. Our technology breaks the unit economics of observability to provide our customers with a cost-effective way to centralize and scale across the R&D organization. With this round of funding, we will be expanding our offering into further markets as we continue our journey to provide harmonious observability."
Published by Globes, Israel business news - en.globes.co.il - on June 1, 2022.
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