- Devo Technology recently announced it raised $100 million in Series F funding at a valuation of $2 billion. These are the details.
Devo Technology – a cloud-native logging and security analytics company – announced $100 million in Series F funding at a valuation of $2 billion. Eurazeo, a leading global investment firm with more than $30 billion in assets under management, led the funding round. And all other existing investors—Insight Partners, Georgian, TCV, General Atlantic, Bessemer Venture Partners, Kibo Ventures — also participated. Plus ISAI Cap Venture provided a strategic investment in the round. This funding round brings the total capital raised to over $500 million. The new funding round will fuel growth in new regions and verticals, accelerate Devo’s delivery of the “autonomous SOC” and fund potential new M&A expansion.
This funding round comes on the heels of Devo’s acquisition of Kognos, the AI-powered threat hunting pioneer, which marked a key step in delivering what Devo calls the autonomous SOC— complete visibility, automation, analytics, and open access to community expertise and content.
Devo is going to continue to drive expansion in new verticals and geographies, particularly the public sector and the Asia-Pacific (APAC) region. And in February, Devo announced it was designated as Federal Risk and Authorization Management Program’s (FedRAMP) “In-Process” and expects to reach full authorization in the fall of 2022. Devo has also seen substantial growth in the APAC region, including adding energy provider Powerco as a customer and deploying an in-region AWS environment for customers and partners.
This funding round comes as Devo closes out an impressive fiscal year of aggressive growth, including:
— Nearly 100% annual revenue growth
— Nearly 100% customer growth for the year, including Sonos, AT&T, and Unisys
— Achieving FedRAMP “In-Process” status, and adding public sector customers including Ivy Tech Community College and Oklahoma University
— Surpassing 500 employees across North America, Europe, and APAC, including 91 new hires so far in 2022
— Acquisition of Kognos, an AI-powered security automation innovator
— Launch of Devo Exchange, a community-based application marketplace for Devo customers and partners
The funding announcement coincides with the launch of a newly established team of security researchers and data scientists to form Devo SciSec, which was led by Chief Technology Officer, Gunter Ollmann.
“Security teams are facing more threats than ever—regardless of industry or geography—and that challenge is compounded by the difficulty of hiring and retaining talent, a lack of visibility into the full attack surface, and the speed and scale necessary to keep up with not just growing threats, but the growth of their organizations. This round of funding allows us to deliver on the autonomous SOC through continued innovation of our technology, expand to more regions to serve more customers, and consider more M&A opportunities. We’re thrilled to have instilled such confidence in our investors that they continue to support our innovation and the value we deliver to customers.”
— Marc van Zadelhoff, CEO of Devo
“Devo has proven to be a disruptive force in the security analytics market and we believe in its vision to fundamentally change the way organizations secure their data. It is setting a pace for innovation that will enable its customers to meet the ever-growing challenges facing security teams and we look forward to continuing our work together with Devo and fellow investors to further develop its market leadership.”
— Guillaume d’Audiffret, Managing Director at Eurazeo, who joins the Devo Board