Israeli streaming analytics company Coralogix today announced that it has completed a $55 million Series C financing round led by new investor Greenfield Partners with participation from Red Dot Capital Partners, StageOne Ventures, Eyal Ofer’s - O.G. Tech, Janvest Capital Partners, Maor ventures, and 2B Angels. This latest round brings the total amount that Coralogix has raised to $96 million.
The Tel Aviv-based company has developed a real-time streaming data analytics platform for engineering teams, which produces insights and trend analysis with no reliance on storage or indexing. The company says that its platform solves the challenge of data growth in large-scale systems.
Coralogix was founded by CEO Ariel Assaref and CTO Yoni Farin.
Assaraf said, "The exponential growth of data is preventing companies from achieving full coverage. We address this challenge through our stateful streaming analytics technology, which enables our users to decide how their data goes through our processing pipelines, enabling storage-free insights."
Coralogix said that in the second quarter of 2021 it tripled its year-on-year revenue growth and more than doubled its paying customer base to over 2000. The company will use the new capital to extend their platform beyond observability towards a comprehensive storage-free data solution.
Farin added, "Our mission is to make raw data obsolete. This round of funding will help us further our storage-free vision, supporting the exponential nature of software."
Coralogix was chosen as one of "Globes" most promising startups of 2020.
Published by Globes, Israel business news - en.globes.co.il - on July 29, 2021
© Copyright of Globes Publisher Itonut (1983) Ltd. 2021