Devo Technology Raises $60M Series D

Data analytics and security company Devo Technology has landed $60 million for its Series D round, the company announced Tuesday.

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Along with the funding news, the company announced that former LogMeIn COO Marc van Zadelhoff will join the Cambridge, Massachusetts-based company as its new CEO. Van Zadelhoff joined Devo’s board of directors in August, and now-former CEO Walter Scott will become chairman of the company’s board.

The new round was led by Georgian, with Bessemer Venture Partners and Insight Partners also participating in the round, according to a statement from the company.

The new funding will be used to grow “all parts of the business,” van Zadelhoff said in an interview with Crunchbase News. The company will be expanding teams including sales, marketing, and engineering.

Devo had a year-over-year revenue growth rate of about 80 percent for the first half of 2020, van Zadelhoff said, and wants to maintain that as it scales. The company plans on growing its employee base by at least 25 percent by the end of the year, including through building out its team in Europe.

Van Zadelhoff has been working in security for more than 20 years, and pointed to the importance of log management–especially cloud-based log management–in the age of COVID-19.

“If you don’t collect logs and interpret them and ingest them and interpret them, you don’t know what’s happening with your business, you have no visibility,” van Zadelhoff said. 

The company recently introduced a security function on top of its core platform, and expects to “double down” on that in the near future. Devo also is planning on a couple more releases of the security operation function, van Zadelhoff said.

Founded in 2011, Devo last raised money in 2018 with its $25 million Series C led by Insight Partners, per Crunchbase. 

Illustration: Li-Anne Dias