Humio, which provides a real-time log management platform for on-premises and cloud infrastructures, announced this morning it has raised $20 million in a Series B round of funding.
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Dell Technologies Capital led the financing, which included participation from existing backer Accel. The round brings Humio’s total venture raised since its 2016 inception to $32 million. Accel led Humio’s $9 million Series A in January 2019.
Log management platforms continually collect data about what’s happening across a company’s infrastructure, and help identify a variety of problems from application service down-time to cyber attacks.
Humio says its platform is unique in that it uses cloud-bucket storage, which gives customers the ability “to log everything efficiently in an index-free manner” in real time and at scale. This allows for live, streaming queries and results. It also claims to be able to do all this with minimal maintenance and training costs, and “remarkably low compute and storage requirements.”
It must be doing something right. CEO and co-founder Geeta Schmidt said the company has seen 550 percent year-over-year growth, which is a 6.5 times increase over this time last year. It has about 80 employees distributed in offices in Europe and the United States.
Customers are large enterprises spanning multiple industries such as financial services, education, health care and communications. They include Netlify, Bloomberg, HP Aruba, and Michigan State University, among others.
Some customers choose to self-host (especially those with more sensitive data) while others have Humio host for them via its SaaS (software-as-a-service) offering.
“Essentially what we do is aggregate large volumes of data when running and operating a system,” Schmidt told me. “Many folks have distributed cloud environments. Those environments are getting really complicated to understand what’s going on in real-time. If something goes wrong, we can go in and see what’s happening right now.”
The company claims to have been the first company to offer unlimited ingest for self-hosted data and now will be the first to do the same for cloud as part of a new plan. That has the ability to “significantly change the cost of scaling to massive volumes in a SaaS environment” by giving customers the ability to increase data storage and retention at what it describes as a low cost, according to Humio.
That predictable pricing model has helped boost the company’s sales, according to Schmidt.
“Not having a volume-based pricing model takes away stress of how much to send to a solution,” she said.
Ryan Neal, Netifly’s director of infrastructure, said Humio’s unlimited ingest helps his team make active decisions about changes to its system with more confidence.
“When I’m able to log everything, it means that I can look at my developers and say, ‘go ahead, absolutely.’ That’s really powerful, especially because you can’t ever really go back in time and add more information. You can’t say, ‘I wish I knew that field,’ he said in a written statement. “So it’s more like ‘let’s remove it from the developer’s mind, log everything, and then potentially use it later in an effective way’.”
Humio plans to use its new capital to increase its capabilities and expand the development of its self-hosted and SaaS (software-as-a-service) products.
Illustration: Li-Anne Dias