NEW DELHI, JUNE 02, 2022: Coralogix, a company using streaming analytics to rebuild the path to observability, today announced it has raised a $142 million Series D funding round, bringing the company’s total amount raised to $238 million. 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. 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.
New investors Advent International (“Advent”) 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. In connection with the funding round, Alek Ferro of Advent and Mike Gregoire, Partner at Brighton Park Capital and former CEO at CA Technologies, have joined the Coralogix board of directors.
This announcement reflects the evolution of Coralogix from a log analytics platform to a full-stack observability platform—with robust capabilities for metrics, tracing, and security data, in addition to logs. The company’s flagship Streama© technology produces real-time insights and trend analysis for all observability data with no reliance on storage, 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.
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% of overall cloud infrastructure budgets, to give customers a 40-70 percent 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 1 minute.
“Coralogix is an established leader in the modern observability market and is differentiated by its product, mission, and vision,” said Alek Ferro, Director at Advent. “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.”
“Monitoring the applications that now orchestrate much of our economy is a critical piece of the modern software world, and Coralogix’s technology enables its customers to do this at a massive scale without incurring excessive costs or compromising performance or functionality,” said Mike Gregoire, Partner at Brighton Park Capital. “Coralogix’s offering is incredibly powerful, and we see several opportunities to grow their functionality while preserving the highly responsive support their customers are accustomed to. We look forward to partnering with the talented team at Coralogix as they scale into the leading platform in the observability market.”
Today’s announcement comes on the heels of unprecedented growth for Coralogix. In the past year, the company has signed some of the most successful hypergrowth and enterprise customers in the US, Israel, India, and EMEA. In India specifically, Coralogix has tripled its customer base over the last 12 months with marquee customers across a broad range of domains including eCommerce, financial services, messaging, media & entertainment, logistics, and educational services. The company also expanded into the security market with the launch of Snowbit, a cybersecurity venture focused on helping cloud-native companies comprehensively manage the security of their environments. Snowbit has operations across Tel Aviv and New Delhi/Gurgaon and is unique in being the first cybersecurity initiative to leverage the best of Israeli cybersecurity talent and India’s unique growing position as a global cybersecurity hub.
“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 R&D 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 of Coralogix
“Our rapid growth in the Indian market is a testament to the proposition and evolution of Coralogix as a full-stack observability platform. We are working to expand our go-to-market team in India and enter the ANZ and ASEAN geographies in the next few months. We will also significantly increase our investment in the buildout of Snowbit, our cybersecurity venture, given the strong interest we have seen in its ability to proactively monitor the entire cloud environment’s security and compliance,” said Navdeep Manaktala, Co-Founder, Snowbit and President, APAC at Coralogix.