Logz.io Announces $23 Million Funding Round
Latest funding will further fuel the growing adoption of Logz.io’s cloud-native observability platform
BOSTON & TEL AVIV, Israel–(BUSINESS WIRE)–#Cloudnative—Logz.io, a leading cloud-native observability platform for modern DevOps teams, today announced a new $23 million funding round led by Pitango Growth, Israel’s largest venture capital firm. The new financing round, which includes participation from Logz.io’s existing investors, will be used to further accelerate Logz.io’s growth and advance its mission to provide customers around the globe with the best-of-class open source observability tools on a unified SaaS platform.
As companies accelerate their digital transformation initiatives to offset the impact of COVID-19, while building and deploying microservices and cloud native architectures to meet growing demand for digital services, they face new complexities when trying to monitor these technologies at scale. Logz.io’s unified, open source observability platform for log, metrics and tracing analytics responds to these challenges, supporting and enabling digital transformation and other innovative new business initiatives by making production monitoring and troubleshooting faster, easier and more cost-effective. The company acquired a record number of new customers in 2020, and now supports over 800 customers around the globe including industry leading companies such as Dish Networks, Siemens, Unity and ZipRecruiter.
Logz.io’s cloud-native observability platform is based on the leading open source monitoring tools that proliferate engineering departments in favor of proprietary alternatives. The company’s platform includes four core products: Log Management built on ELK, Infrastructure Monitoring based on open source Grafana, Distributed Tracing based on Jaeger, and an ELK-based Cloud SIEM. These products are offered as a fully managed, highly integrated platform to help engineers monitor, troubleshoot and secure their distributed cloud workloads more effectively.
The latest funding round brings the total capital raised by Logz.io to more than $120 million, including $74 million raised over the last 18 months. That amount of available capital allows the company to accelerate product development initiatives around AI and Machine Learning, expand headcount and propel go-to-market activities around the globe.
“Our mission remains the same since our founding. We help modern engineering teams transform their businesses by enabling better performing infrastructure and applications,” said Tomer Levy, CEO and Co-Founder of Logz.io. “We are excited to continue to partner with Pitango Growth and our existing investors who share our vision of how observability is the key for a successful digital business.”
The new funding announcement comes on the heels of several corporate milestones for Logz.io. On November 10th, Logz.io hosted the highly attended and successful ScaleUP 2020 user conference, which featured the launch of its new Jaeger-based Distributed Tracing solution, as well as several other enhancements to its platform. The unveiling of the new Smart Tiering log data management functionality, as well as continued investment into the ELK-based Log Management, Cloud SIEM and open source Grafana-based Infrastructure Monitoring solutions, continues to solidify Logz.io’s leadership in open source observability. The company also recently welcomed several new seasoned SaaS executives to its leadership team, including CTO Jonah Kowall, CFO Brian Cohen and CMO Guy Hilton.
“We believe the prosperity of global businesses is critically reliant on their digital success and that the new generation of observability platforms, led by Logz.io, are a huge enabler for such businesses,” said Isaac Hillel, Managing Partner at Pitango Growth. “We are impressed with the leadership of Tomer, Asaf and the team, and happy to join them on this exciting journey to become a category leader.“
Logz.io is the leading cloud-native observability platform that enables engineers to use the best open source tools in the market without the complexity of operating, managing, and scaling them. Logz.io offers four products: Log Management built on ELK, Infrastructure Monitoring based on open source Grafana, Distributed Tracing based on Jaeger, and an ELK-based Cloud SIEM. These are offered as fully managed, integrated cloud services designed to help engineers monitor, troubleshoot and secure their distributed cloud workloads more effectively. Engineering driven companies like Siemens, Turner Broadcasting, Unity and ZipRecruiter use Logz.io to simplify monitoring and security workflows, increasing developer productivity, reducing time to resolve issues, and increasing the performance and security of their mission-critical applications.