Cambridge, MA-based cloud-native logging, SIEM and security analytics company Devo Technology on Tuesday announced that it has achieved unicorn status after raising $250 million.
This Series E funding round brings the total raised by the firm to more than $400 million and its valuation to $1.5 billion. The funding was led by TCV, with participation from General Atlantic, Eurazeo, Bessemer Venture Partners, Insight Partners, Georgian, and Kibo Ventures.
The money will be used by Devo to improve its products and to expand. Specifically, the company wants to expand its presence in the public sector and in the APAC region. It also plans on investing in sales and technology alliances.
Devo has developed a platform that IT operations and security teams can use to monitor and protect their organization. A wide range of cloud and on-premises data sources can be integrated into the platform, providing deep visibility that can be highly useful for threat detection, threat hunting and incident investigations.
The company has reported significant growth in YoY revenue and the number of customers.
“The world’s largest businesses choose Devo because we combine unmatched scale, powerful analytics, and the ability to get answers in real time - fundamentally changing how security teams interact with their data,” said Marc van Zadelhoff, the CEO of Devo. “This new funding validates the disruptive force we have become and sends a signal to the industry that we will continue to set the pace for innovation and customer value.”
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