Coralogix Closes $10M Series A Funding Round Led by Aleph
SAN FRANCISCO, Nov. 26, 2019 /PRNewswire/ -- Coralogix, provider of the leading ML-powered log analytics solution, today announced it has raised a $10 million Series A funding round, bringing the company's total amount raised to $16.2 million. New investor Aleph led the round with participation from StageOne Ventures, JANVEST Capital Partners, and 2B Angels. The new capital will be used to scale sales and marketing and accelerate product innovation for Coralogix's best-in-class log analytics platform.
This announcement also includes two notable board appointments. Matt Handler, former VP of Sales and Channel at Sumo Logic and Guy Bloch, former COO EMEA at Splunk, will join the Coralogix board of directors.
Coralogix is also announcing today they are officially entering the cybersecurity market with the launch of an integrated security information and event management solution (SIEM) and intrusion detection system (IDS) specifically designed for DevOps teams. Leveraging the latest in machine learning, the new solution gives companies a multidimensional view of their cloud and on-premise security data. The combined solution enables DevOps teams to tap into their server audit, VPC Flow Logs, and CloudTrail logs to monitor and analyze their security events. It then leverages the company's new security service for security anomaly detection within network packets to detect and eradicate any potential threats.
"What impressed us most about Coralogix is the cult following they've earned from the developer community," said Aaron Rosenson, General Partner at Aleph. "Engineers are fanatic about this product and are spreading its value by word of mouth, leading to remarkable sales momentum. We look forward to supporting the company as they execute their ambitious plan to scale the company and product globally. They are a young company, yet they serve several Fortune 500 enterprises and thousands of leading companies including, Postman, Monday, Fiverr, KFC and Caesars Palace. We look forward to playing a role in the company's continued growth."
Founded in 2015 by data and security experts from the Israeli Intelligence Corps, Coralogix uses cutting-edge algorithms to autonomously manage and analyze log data in cloud applications. Using Coralogix, engineers can instantly narrow down hundreds of millions of logs to suspected logs, broken flows, error trends, and problematic version upgrades.
"Companies have become dependent on the cloud to run every aspect of their business, yet diagnosing operational problems continues to be a major challenge," said Ariel Assaraf, CEO and co-founder, Coralogix. "My CTO Yoni Farin and I re-built Coralogix in 2017 to help companies manage the growing complexity of distributed cloud applications. Here we are two years later, and it's astonishing what we've been able to achieve. This new capital will help complete our vision to empower DevOps to control operations and security data from collection through to insights and decisions — with the ultimate goal to make raw log data obsolete."
Coralogix is a log analytics platform that empowers DevOps teams to autonomously manage and analyze log data in cloud applications. The platform's machine learning engine enable users to reach faster time to market, avoid customer attrition and accelerate their version delivery without compromising quality or stability. Over 1000 global-leading companies including Payoneer, BookMyShow, and PayU use Coralogix to power their businesses. For more information, please visit https://coralogix.com/
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