Streaming analytics platform, Coralogix has raised a $142 million Series D funding round co-led by Advent International and Brighton Park Capital along with the participation of Revaia Ventures, Greenfield Partners, Red Dot Capital Partners, Eyal Ofer’s O.G. Tech, StageOne Ventures, Joule Capital Partners, and Maor Investments.
A significant portion of the proceeds from the round will be used for the company’s expansion plans, especially its India and APAC go-to-market teams. This round brings the total capital raised by Coralogix to $238 million. Alek Ferro of Advent and Mike Gregoire, Partner at Brighton Park Capital and former CEO at CA Technologies, have joined the Coralogix board of directors.
Cybersecurity venture
Additionally, the funds will also be used to accelerate the build-out and go-to-market of Snowbit, Coralogix’s recently announced cybersecurity venture which is being built out of India and Israel. The company’s flagship Streama technology is said to produce real-time insights and trend analysis for all observability data with no reliance on storage, solving the challenges of building, running, and securing modern infrastructures and applications.
Coralogix is a full-stack observability platform that provides insights for logs, metrics, tracing, and security data when and where users need them. The platform changes the unit economics of observability, with current spending as high as 10 per cent of overall cloud infrastructure budgets, to give customers a 40-70 per cent reduction in costs while simultaneously improving their performance and data insights.
“We are confident that Coralogix’s unique data streaming architecture and analytics pipeline will continue to transform the category through its ability to provide superior monitoring coverage, insights, and results while yielding significant cost savings. We’re thrilled to partner with the Coralogix management team as they continue to build on this momentum,” said Alek Ferro, Director at Advent.
“Monitoring the applications that now orchestrate much of our economy is a critical piece of the modern software world, and Coralogix’s technology enables its customers to do this at a massive scale without incurring excessive costs or compromising performance or functionality. Coralogix’s offering is incredibly powerful, and we see several opportunities to grow their functionality while preserving the highly responsive support their customers are accustomed to. We look forward to partnering with the talented team at Coralogix as they scale into the leading platform in the observability market.” said Mike Gregoire, Partner at Brighton Park Capital.
In India, Coralogix said it has tripled its customer base over the last 12 months. The company also expanded into the security market with the launch of Snowbit, a cybersecurity venture focused on helping cloud-native companies manage the security of their environments.
“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,” said Ariel Assaraf, CEO of Coralogix
“Our rapid growth in the Indian market is a testament to the proposition and evolution of Coralogix as a full-stack observability platform. We are working to expand our go-to-market team in India and enter the ANZ and ASEAN geographies in the next few months. We will also significantly increase our investment in the buildout of Snowbit, our cybersecurity venture, given the strong interest we have seen in its ability to proactively monitor the entire cloud environment’s security and compliance,” said Navdeep Manaktala, Co-Founder, Snowbit and President, APAC at Coralogix.
Published on
June 01, 2022
