DevoA startup focused on log management and cyber security in the Boston area announced this morning that $ 250 million in funding was closed. The new capital is estimated at $ 1.5 billion.
TCV led the new investment in the company’s E series, and two other new investors – General Atlantic and Eurazio – also took part. Rounds of this size As usual, the confusion of previous investors is also in cash. The new Unicorn told Tech Crunch that it was released a few months ago and had been registered four times before.
How did Devo manage to attract that level of interest? Expansion of revenue, we count. According to the CEO, the company has shown strong growth over the past year Mark van ZadelhoffBy telling Tech Crunch that Devo has doubled its revenue, staff and customers over time. Van Zadelhoff said the company’s goal is to double it next year.
For beginners, doubling is a common target. Too much, in fact, is 100% growth in early life. Part of a well-worn thumb rule How to rate to IPO
And the company made no doubt about its future IPO plans, telling Tech Crunch that their new capital would allow it to set up an IPO within two years. According to that directive, we expect Devo to receive this S-1 file before it submits this amount of cash or perhaps an additional amount.
But that’s all there is to it. What does the company really do? do?
Is Hell Log Management?
In organizational-speech. Devo sells “cloud-native logs and security analytics.” If this doesn’t help much for your awareness, don’t worry. We got it.
When connected to a digital product, the exhaust emits in the form of a log file. User x Did y With Z Product as if Q. Time, Something like that. Because big companies have so many users and so many different – perhaps complex – such files! – Products offered.
Simply put, Devo has built a service that delivers 400 days’ worth of data quickly to customers from the central repository. Since then, it has provided two products to drag from the saved log files, one focused on cyber security and the other on IT support. Per van Zadelhoff, cyber security tool is the most popular of the two offerings.
The log platform encourages both. To illustrate what we mean, let’s use the example I ran past Devo CEO during our call: Let’s say the company’s collected log files are like a decoy or a stock. Then Devo Cyber Security and IT-focused products are similar to different soups made from the same base data. Same base (soup), special attention (soup taste).
It is not perfect to the point of comparison, but we hope everyone understands the same.
TechCrunch is curious about the 400-day image. Why the right window to store log files? It is a 13-month time limit; During that time, the company will have a year-round log for customers with an additional month to allow comparisons for more than a year. That sounds very reasonable.
Why not store more? Given the sheer amount of data in question, it’s probably a myth that it reduces the responses, and although it calculates storage costs and costs over time, it makes it economical to slightly expand the window. let’s see.
Devo plans to use the new capital, as all newcomers are raising new money. The company also mentioned the possibility of purchasing containers.