Devo Technology, which provides a cloud-native logging and security analytics platform, has raised $250 million in Series E funding at a valuation of $1.5 billion.
TCV led the round, along with new investors General Atlantic and Eurazeo. Existing investors Insight Partners, Georgian, Bessemer Venture Partners and Kibo Ventures also took part.
The Devo funding round brings the total capital raised to more than $400 million. The new funding will fuel aggressive growth across new regions and market verticals. Moreover, it will increase investment in channel expansion and product innovation.
Devo’s expansion plans include growth in new verticals and geographies. It plans to expand its presence in the public sector and internationally in Asia Pacific.
Marc van Zadelhoff is Devo‘s CEO. Devo has experienced nearly 100% year-over-year revenue and customer growth in his first year as CEO.
Devo’s Marc van Zadelhoff
“Current partners will benefit from our investment in new innovation, as well as continuing to build on and improve existing product functionality,” he said. “We’ll also be creating new opportunities for partners as we set out to build community across our platform, customers and partners. There’s a groundswell of people coming on board to Devo. And that creates a lot of community capabilities that we plan on launching in the coming months.”
Devo says it’s “redoubling” its commitment to channel, cloud and integration partners. The company will invest heavily in technology alliances, content and people to build out a global security community.
Partners are a “huge” part of Devo’s growth strategy, van Zadelhoff said. That includes expanding revenue in existing markets and entering new markets.
“We look forward to working with existing partners and new partners to reach companies that are struggling to keep pace with their logging and security analytics needs,” he said.
The funding will bolster the competitive advantage Devo already has over competitors, he said. That includes solving a particular problem that legacy technology can’t solve.
“Our partners are working with organizations strapped with massive amounts of data that need to be sent to the cloud and analyzed,” van Zadelhoff said. “And Devo is the most scalable, most economic choice out there.”
In the coming months and into 2022, partners can expect to see Devo entering more markets and introducing new innovation that will “fundamentally shift how security teams interact with data and a larger community of security expertise,” he said.
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