Cambridge, Massachusetts-based cybersecurity firm Devo Technology has closed a $250 million Series E as the company hopes to ride its strong growth and disrupt the security analytics market.
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The new round was led by TCV, along with new investors General Atlantic and Eurazeo and existing investors Bessemer Venture Partners, Insight Partners, Georgian and Kibo Ventures. Founded in 2011 in Spain, the company, which has now raised more than $400 million, moved to the U.S. a little more than three years ago.
Devo’s cloud-native logging and security analytics platform helps companies manage the hundreds of disparate security tools they may have across their networks. The platform can analyze issues and collect data to try to provide answers in real-time.
“Devo is in the middle of everything, ” said CEO Marc van Zadelhoff. “We are the beating heart.”
Growing with data
The company decided the timing was right to raise after seeing significant growth in the last year, said van Zadelhoff. The 400-person company has doubled its revenue and its enterprise customer number in the last year—now serving 1,000 large companies, he added.
Much of that growth is due to the explosion of data; with everything becoming digitized and companies now needing better, faster tools to analyze and react to that massive amount of data, he added.
“This is a ‘system of truth’ for enterprises,” said Gopi Vaddi, general partner at TCV. “We’ve looked for a while for a compelling solution in this space.”
Devo plans to use the new infusion of cash to double-down on its go-to-market operations and its channel operations in North America as it looks to continue to disrupt a possible $7 billion market dominated by large public companies like Splunk and Sumo Logic, said van Zadelhoff. The company also will ramp up its operations internally, he added.
Aside from the money, van Zadelhoff said Devo is excited to partner with a firm like TCV, which has taken 74 companies public, something he believes Devo could reach in the next two or three years.
“We love their ability to get companies to an IPO,” he added.
Illustration: Dom Guzman
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