Devo Raises $100 Million in Funding, Valued at $2 Billion

Devo booth

Devo, a global cloud-native logging and security analytics platform headquartered in Cambridge, Massachusetts, has announced $100 million in Series F funding at a valuation of $2 billion. Devo will utilize the new funding to drive further expansion in new verticals and geographies, particularly the public sector and the Asia-Pacific (APAC) region.

With this funding round, the total amount raised has surpassed $500 million. The fresh funds will not only be used to expand into new areas and verticals. It is also meant to speed up the delivery of Devo’s ‘autonomous SOC’ and support possible future M&A development.

The funding round comes on the heels of Devo’s acquisition of Kognos, an AI-powered threat hunting pioneer, which marked a key step in delivering what Devo calls the autonomous SOC- complete visibility, automation, analytics, and open access to community expertise and content.

“Security teams are facing more threats than ever – regardless of industry or geography – and that challenge is compounded by the difficulty of hiring and retaining talent, a lack of visibility into the full attack surface, and the speed and scale necessary to keep up with not just growing threats, but the growth of their organizations,” said dutchman Marc van Zadelhoff, CEO at Devo. “This round of funding allows us to deliver on the autonomous SOC through continued innovation of our technology, expand to more regions to serve more customers, and consider more M&A opportunities. We’re thrilled to have instilled such confidence in our investors that they continue to support our innovation and the value we deliver to customers.”

FedRAMP

Devo will continue to expand into new sectors and locations, with a focus on the public sector and Asia-Pacific (APAC). Devo was certified as ‘In-Process’ by the Federal Risk and Permission Management Program (FedRAMP) in February and expected to receive complete authorization in the fall of 2022.

Photo Marc van Zadelhoff, CEO at Devo
“This round of funding allows us to deliver on the autonomous SOC through continued innovation of our technology, expand to more regions to serve more customers, and consider more M&A opportunities,” said Marc van Zadelhoff, CEO at Devo.

In the APAC area, Devo has experienced significant development, including the addition of energy supplier Powerco as a customer and the deployment of an in-region AWS environment for customers and partners.

The funding round was headed by Eurazeo, a renowned global investment organization with over $30 billion in assets under management, with participation from all previous investors, including Insight Partners, Georgian, TCV, General Atlantic, Bessemer Venture Partners, and Kibo Ventures. ISAI Cap Venture also contributed a strategic investment to the deal.

“Devo has proven to be a disruptive force in the security analytics market and we believe in its vision to fundamentally change the way organizations secure their data,” said Guillaume d’Audiffret, Managing Director at Eurazeo, who joins the Devo Board. “It is setting a pace for innovation that will enable its customers to meet the ever-growing challenges facing security teams and we look forward to continuing our work together with Devo and fellow investors to further develop its market leadership.”

The round comes as Devo closes out an impressive fiscal year of aggressive growth, including:

  • Annual sales growth of about 100%
  • Customer growth of nearly 100% for the year, including Sonos, AT&T, and Unisys
  • Obtaining FedRAMP’s ‘In-Process’ status, as well as acquiring public sector customers such as Ivy Tech Community College and Oklahoma University
  • Over 500 people across North America, Europe, and Asia Pacific, with 91 additional recruits in 2022
  • Kognos, a leader in AI-powered security automation, has been acquired
  • Devo Exchange, a community-based app marketplace for Devo customers and partners, is now live