- Lack of dependence on storage or indexing allows organizations to generate more cost-effective insights as they don’t have to pay for extra resources.
- Coralogix wants to support organizations looking to achieve greater cost-efficiency in the cloud, armed with a leaner observability solution that needs less resource footprint.
announced that it had raised USD142 million as part of a series D funding round. With this round of funding, the company’s total capital stands at USD238 million. The Israeli-based start-up will use the funds to invest in R and amp;D, fuel go-to-market, product, and grow its sales and business development within the Americas, EMEA, UK, and APAC.
This round of funding was co-led by Advent International and Brighton Park Capital. Others who participated in the funding round included previous backers Greenfield Partners, Red Dot Capital Partners, Eyal Ofer’s OG Tech, StageOne Ventures, Joule Capital Partners and Maor Investments.
The firm’s flagship Streama technology can offer insight and trend analysis in real-time for all observability data with no dependence on storage, thus resolving the challenges of building, running, and securing modern infrastructures and applications. The platform has lulled investors because of its ability to offer access to real-time assets, Machine Learning (ML) models, data transformation, and alerting capabilities without being dependent on storage or indexing.
Lack of dependence on storage or indexing allows organizations to generate more cost-effective insights as they don’t have to pay for extra resources.
At the crux, Coralogix provides DevOps and other engineering teams a way to perceive and analyze data streams before they are indexed and/or stored, providing them greater flexibility to query the data in different ways and garner more insights quickly.
Observability in the age of complexity
The funding has come at an appropriate time when organizations are on the lookout to minimize complexity in hybrid cloud environments. As per a report, 59% of enterprises plan to optimize the present use of the cloud to save on costs.
Coralogix wants to support organizations looking to achieve greater cost-efficiency in the cloud, armed with a leaner observability solution that needs less resource footprint.
“The underlying architecture of the platform allows users to leverage analytics, alerting, metric generation, anomaly detection and more — all without indexing so users can optimize TCO and improve insights while reducing costs and overhead,” said Coralogix CEO Ariel Assaraf.
At the same time, the inclusion of automatic data clustering into templates, CIDC version benchmarks, network data security, and log flow alerts are all done to maintain visibility in complex cloud environments.
“We are also focused on maintaining an open data platform so users can send any data, query using any syntax, and visualize in any dashboard. This helps to facilitate onboarding and widespread adoption in any organization with no vendor lock-in,” Assaraf said.
Observability market in brief
The funding announcement comes close to reports that predict the AIops and cloud observability market to be worth USD17 billion per year. The growth is fuelled by the fact that more and more organizations are looking for solutions to gain visibility over complex modern architecture.
Established provider Datadog, a cloud-monitoring-as-a-service solution offering a mix of log management, security monitoring, network monitoring, synthetic monitoring, and real-user monitoring capabilities, is one of the major competitors of Coralogix.
Datadog is also a Gartner Magic Quadrant leader in application performance monitoring solutions. It recently announced that it had raised USD1.03 billion in revenue last year.
Yet another competitor is Dynatrace, an observability platform that fuses infrastructure monitoring with applications and microservices monitoring, application security capabilities, business analytics, and cloud automation. The firm recently announced a raise of USD930 million in annual recurring revenue.
According to Assaraf, Coralogix’s lack of reliance on storage or indexing makes it stand out.
“Unlike other solutions in the market, the Coralogix technology allows users to get insights on their data without relying on storage or indexing, which enables better performance, better stability, and advanced TCO optimization with transparent and predictable costs,” Assaraf said.
“Coralogix is an established leader in the modern observability market and is differentiated by its product, mission, and vision,” said Alek Ferro, a director at Advent, in a statement. “We are confident that Coralogix’s unique data streaming architecture and analytics pipeline will continue to transform the category through its ability to provide superior monitoring coverage, insights, and results while yielding significant cost savings. We’re thrilled to partner with the Coralogix management team as they continue to build on this momentum.”
“Monitoring the applications that now orchestrate much of our economy is a critical piece of the modern software world, and Coralogix’s technology enables its customers to do this at a massive scale without incurring excessive costs or compromising performance or functionality,” said Mike Gregoire, a partner at Brighton Park, in a separate statement. “Coralogix’s offering is incredibly powerful, and we see several opportunities to grow their functionality while preserving the highly responsive support their customers are accustomed to.”