Today, cloud-native logging and security analytics provider Devo Technology announced it has raised $100 million as part of a Series F funding round and achieved a valuation of $2 billion.
Global investment firm Eurazeo led the round, and the organization intends to use the fund to fuel its growth and accelerate its vision of the “autonomous SOC.”
The Devo Technology platform provides enterprises with a cloud-native logging and security analytics solution, that integrates with a set of purpose-built applications for security, IT operations, and ML use cases, alongside the organization’s community application marketplace, Devo Exchange.
For enterprises, the solution has the potential to provide visibility over risks in the cloud and on-premise environments so they can get an understanding of exposure in real-time in complex hybrid cloud environments.
Maintaining visibility over the attack surface
The announcement comes as security teams are consistently struggling to secure a fast-growing attack surface.
Research shows that 70% of SOC analysts report their home lives are being emotionally impacted by IT threat alerts, with 55% admitting that they aren’t confident in their ability to prioritize and respond to them.
Devo Technology aims to support these teams through real-time analytics visibility.
“Cybersecurity requires you to combine real-time streaming with massive data analytics. Devo Technology has built the most scalable and economic platform for security analytics in the industry to address this need, something legacy solutions haven’t been able to solve,” said Devo CEO, Marc van Zadelhoff.
“The typical CISO or SOC has 200 security tools from 40 different vendors, but one that they look at every day is Devo Technology because Devo brings everything together – Devo takes petabytes of data, analyzes it, and displays it in a way that shows the SOC what’s actually happening, in real-time,” Zadelhoff said.
Cloud monitoring and log management
In many ways, Devo Technology is competing with the traditional log management market, which researchers valued at $2.3 billion in 2021 and anticipate will reach a value of $4.1 billion by 2026 as organizations attempt to secure a growing number of potential access points and endpoints.
The organization is competing against some well-established providers including Splunk, which provides a data analytics platform with full-stack visibility across the health and performance of the public cloud, apps services, data centers, third-party tools, and edge infrastructure.
Last year, Splunk received an investment of $1 billion from Silver Lake, and reportedly generated total revenues of $901 million
Another key competitor is IBM QRadar, an XDR suite that offers security analytics for security teams with automatic root-cause analysis, automated triaging, and contextual intelligence to speed up security analysts’ investigation of security incidents.
IBM recently announced raising $16.7 billion in revenue in the fourth quarter of 2021.
However, Zadelhoff says that Devo Technology’s cloud-native speed and scale is one of the key differentiating factors from other solutions, with the organization now using Cognos to conduct automated threat investigations to speed up the remediation of any discovered issues.
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