Sep
30
2020
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Coralogix lands $25M Series B to rethink log analysis and monitoring

Logging and monitoring tends to be an expensive endeavor because of the sheer amount of data involved. Companies are therefore forced to pick and choose what they monitor, limiting what they can see. Coralogix wants to change that by offering a more flexible pricing model, and today the company announced a $25 million Series B and a new real-time analytics solution called Streama.

First the funding. The round was led by Red Dot Capital Partners and O.G. Tech Ventures, with help from existing investors Aleph VC, StageOne Ventures, Janvest Capital Partners and 2B Angels. Today’s round, which comes after the startup’s $10 million Series A last November, brings the total to $41.2 million raised, according to the company.

When we spoke to Coralogix CEO and co-founder Ariel Assaraf last year regarding the A round, he described his company as more of an intelligent applications performance monitoring with some security logging analytics.

Today, the company announced Streama, which has been in Alpha since July. Assaraf says companies can pick and choose how they monitor and pay only for the features they use. That means if a particular log is only tangentially important, a customer can set it to low priority and save money, and direct the budget toward more important targets.

As the pandemic has taken hold, he says that companies are appreciating the ability to save money on their monitoring costs, and directing those resources elsewhere in the company. “We’re basically building out this full platform that is going to be inside-centric and value-centric instead of volume or machine count-centric in its pricing model,” Assaraf said.

Assaraf differentiates his company from others out there like Splunk, Datadog and Sumo Logic, saying his is a more modern approach to the problem that simplifies the operations. “All these complicated engineering things are being abstracted away in a simple way, so that any user can very quickly create savings and demonstrate that it’s [no longer] an engineering problem, it’s more of a business value question,” he explained.

Since the A round, the company has grown from 25 to 60 people spread out between Israel and the U.S. It plans to grow to 120 people in the next year with the new funding. When it comes to diversity in hiring, he says Israel is fairly homogeneous, so it involves gender parity there, something that he says he is working to achieve. The U.S. operation is still relatively small, with just 12 employees now, but it will be expanding in the next year and it’s something he says that he will need to be thinking about as he hires.

As part of that hiring spree, he wants to kick his sales and marketing operations into higher gear and start spending more on those areas as the company grows.

May
08
2019
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Sumo Logic announces $110M Series G investment on valuation over $1B

Sumo Logic, a cloud data analytics and log analysis company, announced a $110 million Series G investment today. The company indicated that its valuation was “north of a billion dollars,” but wouldn’t give an exact figure.

Today’s round was led by Battery Ventures with participation from new investors Tiger Global Management and Franklin Templeton. Other unnamed existing investors also participated, according to the company. Today’s investment brings the total raised to $345 million.

When we spoke to Sumo Logic CEO Ramin Sayar at the time of its $75 million Series F in 2017, he indicated the company was on its way to becoming a public company. While that hasn’t happened yet, he says it is still the goal for the company, and investors wanted in on that before it happened.

“We don’t need to raise capital. We had plenty of capital already, but when you bring on crossover investors and others in this stage of a company, they have minimum check sizes and they have a lot of appetite to help you as you get ready to address a lot of the challenges and opportunities as you become a public company,” he said.

He says the company will be investing the money in continuing to develop the platform, whether that’s through acquisitions, which of course the money would help with, or through the company’s own engineering efforts.

The IPO idea remains a goal, but Sayar was not willing or able to commit to when that might happen. The company clearly has plenty of runway now to last for quite some time.

“We could go out now if we wanted to, but we made a decision that that’s not what we’re going to do, and we’re going to continue to double down and invest, and therefore bring some more capital in to give us more optionality for strategic tuck-ins and product IP expansion, international expansion — and then look to the public markets [after] we do that,” he said.

Dharmesh Thakker, general partner at investor Battery Ventures, says his firm likes Sumo Logic’s approach and sees a big opportunity ahead with this investment. “We have been tracking the Sumo Logic team for some time, and admire the company’s early understanding of the massive cloud-native opportunity and the rise of new, modern application architectures,” he said in a statement.

The company crossed the $100 million revenue mark last year and has 2,000 customers, including Airbnb, Anheuser-Busch and Samsung. It competes with companies like Splunk, Scalyr and Loggly.

Jan
23
2018
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Sumo Logic expands security toolset with FactorChain acquisition

 When we heard from Sumo Logic last June, the company was announcing a $75 million Series F. Today, they announced they were acquiring FactorChain, a security startup that has raised $3.6 million. The companies would not disclose the purchase price, but indicated the acquisition closed at the end of Q4 and all 12 FactorChain employees have joined Sumo Logic, including CEO Dave Frampton and CTO… Read More

Jun
27
2017
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Sumo Logic lands $75 million Series F, on path to IPO

 Sumo Logic, the cloud-based log analysis platform, announced a $75 million round today, as the seven year old company could be entering the home stretch before an IPO. While CEO Ramin Sayar was not ready or willing to commit to an IPO timeline, he did admit it was the next logical step for the company, and that the size of the investment gives him the capital to build toward that event.… Read More

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