SaaS Platform Coralogix Raises $142 Mn To Expand Presence In India
The funds will be also used for the development of Snowbit, Coralogix's recently launched cybersecurity firm in India
California-based Coralogix, which uses streaming analytics to rebuild the path to observability, has raised a $142 million in a Series D funding round, bringing the company's total amount raised to $238 million.
New investors Advent International and Brighton Park Capital co-led the round with participation from Revaia and existing investors 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, said Coralogix in a statement. Additionally the funds will also be used to accelerate the build-out and go-to-market of Snowbit, its recently announced cybersecurity venture being constructed out of India and Israel, added the statement.
"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 research and development 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, Coralogix.
With data growing exponentially, cost-efficiently ingesting this data and having all related insights in a centralized platform is critical for DevOps, engineering and security teams. Coralogix is a next-generation, full-stack observability platform that provides infinite 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. Furthermore, Coralogix offers a one-of-a-kind 24/7 in-app chat support committed to response times under one minute.
"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.
Founded in 2015, Coralogix is an in-stream observability platform, which uses proprietary Streama© technology to provide modern engineering teams with real-time insights and trend analysis for their data with no reliance on storage or indexing, solving the challenges of building, running and securing modern infrastructures and applications. Powerful remote query capabilities enable clients to search Terabytes of their own data in seconds all without the costs and latency of indexing, said the company.