Cloud-native logging and security analytics company, Devo Technology, has announced $250 million in Series E funding. The new funding round brings the total capital raised by Devo Technology to more than $400 million. The company is now valued at $1.5 billion.
Devo Technology’s growth ambitions include expanding into new verticals and locations, as well as expanding its footprint in the public sector and abroad in the Asia-Pacific (APAC) region.
Devo says it is redoubling its commitment to the channel, cloud, and integration partners, building on its rapid acceptance as the platform of choice for top resellers and managed security services providers (MSSPs) around the world. Devo Technology will also make significant investments in technological alliances, content, and people in order to create a global security community that will usher in a new age for the sector.
TCV led the round, along with new investors General Atlantic and Eurazeo as well as existing investors Insight Partners, Georgian, Bessemer Venture Partners, and Kibo Ventures.
100% YOY Revenue Growth
“Digital transformation, and the massive threat surface associated with it, have elevated security analytics to the centerpiece of frontline cyber defenses,” said Marc van Zadelhoff, Chief Executive Officer (CEO) at Devo. “Pedro Castillo and our founders built Devo for this transformation, and now the world’s largest businesses choose us 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. 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.”
Gopi Vaddi, General Partner at TCV, who is joining the Devo Board of Directors said, “We’re thrilled to invest behind Devo’s visionary founders who have built a category-disrupting product suite, in addition to Marc van Zadelhoff who joined as CEO last year and has commercialized the company further by recruiting a seasoned team of executives. We look forward to working with existing investors Insight, Georgian, Bessemer, and Kibo Ventures, who have guided the company to its current stage, as well as new investors General Atlantic and Eurazeo.”
Gary Reiner, an Operating Partner at General Atlantic, has also joined the board. Since assuming leadership, CEO Marc van Zadelhoff has driven the company to new heights. Mr. Zadelhoff was co-founder and previous CEO of IBM’s $2 billion security business unit, and former LogMeIn chief operating officer. Some of the highlights at Devo Technology being achieved to date:
- Nearly 100% year-over-year revenue growth
- Over 100% customer growth, including H&R Block, Manulife, FanDuel, Ulta Beauty and AMEX Global Business Travel
- Counting more than 400 employees now across North America, Europe, and APAC
- The addition of “industry-proven” leaders to its leadership roster, including CSO Gunter Ollmann, SVP of Product Ted Julian, CCO Johannes Loeffler and CFO Jennifer Grunebaum
- The launch of Devo Content Stream, a new high-value content delivery service for Devo clients.