Data operations company Devo, formerly known as Logtrust, has closed is Series C funding round on $25m.
Led by Insight Venture Partners with participation from Kibo Ventures, the round brings the company’s fundraising total to $71m. Last year, Devo closed its Series B round on $35m.
Based in Boston, Devo claims to be changing the way enterprise organisations use data to improve operations and more quickly evolve in today’s digital marketplace. It enables organisations to more efficiently derive deeper value from operational, security, application, IoT and machine data, helping drive continuous improvements, from enhanced customer experiences to reduced operating costs.
“Organisations are experiencing the evolution of data and the requirements for acting on it,” said Walter Scott, CEO, Devo. “Today’s digital economy requires businesses to advance their real-time operational analytics to keep pace with rapidly-changing market conditions and their customers.
“With a more scalable, cost-effective and complete approach for solving the often-crippling challenges presented by the massive growth of machine data, Devo empowers large enterprises to extract greater value from their operational data.”
Devo also provides security operations, which provides real-time monitoring, analysis and response to ensure security. The growth of security-related data is outpacing security teams’ ability to use this data to defend the enterprise according to Devo.
The number of endpoints and sources that must be monitored and analysed to gain a complete security picture is expanding rapidly – IoT, microservices, cloud, user data, applications, partners. Devo claims that while existing SIEM solutions provide good coverage for traditional IT data sources, they struggle to provide the visibility, analysis, and forensics required to cover this rapidly expanding attack surface.
In response, it provides 50 times the performance while requiring 80% fewer resources than traditional Log Management and SIEM solutions according to its website. Its offering includes real-time threat detection and forensic analysis, visually-driven analysis, advanced detection & analytics, and is cloud native with flexibility of on-premises.
“Supporting the world’s largest organizations in their efforts to collect and analyze hundreds of terabytes of data every day requires significant research and development resources,” added Pedro Castillo, founder and CTO, Devo. “Today’s funding bolsters our commitment to continuous innovation, enabling us to increase investment in our research and development, sales, and marketing teams.”
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
