Devo Technologies, a Cambridge MA-based cloud-native logging and security analytics company, raised $250M in Series E funding at a valuation of $1.5 billion.
The round was led by TCV with participation from General Atlantic and Eurazeo and existing investors Bessemer Venture Partners, Insight Partners, Georgian and Kibo Ventures. In conjunction with the funding, Gopi Vaddi, General Partner at TCV, is joining the Devo Board of Directors along with Also joining the board is Gary Reiner, Operating Partner at General Atlantic.
The company intends to use the funds to grow across new regions and market verticals, and increase investment in channel expansion and product innovation.
Led by CEO, Marc van Zadelhoff, Devo provides a cloud-native logging and security analytics platform that releases the potential of data to empower confident action. Customers include H&R Block, Manulife, FanDuel, Ulta Beauty and AMEX Global Business Travel, among others.
The company’s expansion plans include growth in new verticals and geographies including an expanded presence in the public sector, as well as internationally in the Asia-Pacific (APAC) region. Building on the rapid adoption as the platform of choice for resellers and managed security services providers (MSSPs) across the globe, Devo is also recommiting to the channel, cloud and integration partners. The company will also invest in technology alliances, content, and people.
Devo has more than 400 employees across North America, Europe, and APAC.