Israeli AI-powered log analysis startup Logz.io today announced that it has raised $23 million in Series C funding led by OpenView, with participation from investors 83North, Giza and new investor Vintage Investment Partners. This brings the amount raised by the company to-date to $47 million.
Logz.io has tripled revenue over the past year, consolidating its status as a leading AI-powered log analysis platform. The company also announced the release of two products - Logz.io Data Optimizer and Logz.io Application Insights - designed to help companies derive more value from machine data.
This latest funding round will support Logz.io’s market expansion and allow the company to continue aggressively investing in product innovation to serve the needs of its customer base, which has tripled over the past year to more than 400, and includes leading companies like Oracle, Intel, British Airways and Electronic Arts. The company also plans to double the number of staff in Boston over the next year, its US headquarters where 25 of its 100 employees are based. The company's main office remains in Tel Aviv, where it was founded by CEO Tomer Levy and VP product Asaf Yigal.
Logz.io is an intelligent log analytics platform that combines advanced machine learning with the powerful open-source ELK (Elasticsearch, Logstash, Kibana) stack. The company enables the midmarket and enterprise alike to leverage ELK in a user-friendly and immensely scalable platform. Logz.io synthesizes machine data, user behavior, and community knowledge into actionable insights that help organizations take their operations to the next level.
Levy said, "We believe the rapid growth of our customer base and partner ecosystem is directly attributable to the type of outside-the-box thinking evidenced by our newest capabilities. We see a massive opportunity to help businesses of all sizes derive far more value from machine data than is currently possible under existing log analytics business models, and we’re excited and humbled by the opportunity to further invest the additional funds in bringing even more innovative capabilities and flexibility to the market."
Published by Globes [online], Israel business news - www.globes-online.com - on November 15, 2017
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