LogDNA, the sole logging provider for IBM Cloud since 2018, has announced that cybersecurity investment and advisory firm NightDragon will lead a $50 million Series D financing round, with previous backers Emergence and Initialized Capital joining as well.
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The investment comes at a time when the firm is experiencing significant expansion. LogDNA was named to Deloitte’s 2021 Technology Fast 500 in November, highlighting the company’s revenue growth of 1293 percent from 2017 to 2020.
Over the last several years, the firm has more than quadrupled its staff, and it continues to grow its customer base, which includes worldwide technology companies such as Lifesize and Reltio, as well as key platforms and service providers like IBM Cloud and Armor.
The latest funding would help LogDNA speed up the development of a new observability data pipeline system that will allow businesses to ingest all of their data into a single platform, normalize it, and route it to the right teams so they can take action immediately. In 2022, this solution is expected to be widely available. LogDNA wants to develop its strategic alliances to support new cloud and services providers, platforms, and technical integrations, as well as continue rapidly increasing its staff to support its growth and innovation.
Data in the Cloud and at Hyperscale
Some of the world’s largest corporations are able to manage and take tangible action on observability data in real time and at hyperscale using LogDNA’s cloud-first technology. The need for such a solution is at an all-time high, according to the company, and the LogDNA team sees a big market potential to expand the platform’s current capabilities. The investment would allow the firm to create a more powerful observability data pipeline solution that will enable builders – application developers, site reliability engineers, platform engineers, and security teams – to leverage the full potential of machine data inside their workflows.
Dave DeWalt, co-founder and managing director of NightDragon and vice chair of LogDNA’s Board of Directors, views this as a chance to rethink the data paradigm, particularly for use cases such as cybersecurity.
“Organizations need a comprehensive platform that ingests and normalizes massive amounts of data in the cloud and at hyperscale,” said Dave DeWalt, Founder and Managing Director, NightDragon. “With this type of platform, stakeholders from the developer to the C-Suite are empowered to make smarter, more cost-effective decisions and reduce the mean time to detection and remediation for cyberattacks. LogDNA has the right team and technology to address this challenge head on. NightDragon is proud to partner with them to accelerate their vision and help enterprises everywhere realize the true potential of data across their organizations.”
The Observability Data Opportunity
In today’s observability market, the most common technique is to manage large amounts of data through a ‘single pane of glass.’ While it appears to be practical, it really creates a bottleneck, making data-intensive innovation and operations slower, more difficult, and more prone to mistakes and danger. They are struggling to keep prices under control and provide access to their observability data to a wide range of individuals.
“Now that open systems, cloud-native architectures and interconnected applications and data are commonplace, a single pane of glass is far too limiting. It’s time to shift the focus to the people who use the data,” said Tucker Callaway, Chief Executive Officer (CEO) at LogDNA. “The data consumer must be able to capture the real-time value of data in motion, not just data at rest in storage. They must be able to ingest and process data to a central point – the pipeline – and then route it to the tools where people are actually working, rather than forcing them to break their workflow to use a different tool. This is the problem that LogDNA aims to solve.”