With $55 million (about Rs 408 crore) in its pocket, Israel-based data observability startup Coralogix plans to accelerate its product roadmap and India expansion efforts.
The company said on Wednesday that it has raised the fresh capital in a Series C round led by Greenfield Partners.
The round also saw participations from Dot Capital Partners, StageOne Ventures, Eyal Ofer’s - O.G. Tech, Janvest Capital Partners, Maor ventures, and 2B Angels.
Coralogix said a part of this capital will go towards driving the company’s strategic expansion in India where it plans to invest $30+ million over the upcoming five years.
Coralogix offers a stateful streaming technology which provides real-time insights and trend analysis for logs, metrics, and security traffic without storing or indexing the data. The company has a strength of ten in India but has plans to aggressively expand its onsite team to provide comprehensive sales and customer success support to customers in the country.
“India is a significant market for Coralogix packed with huge opportunities. India’s data privacy laws mandating data localization is a big stride in the current era of digital revolution across businesses and administration. We aim to assist companies comply with the country’s data privacy laws whilst offering best in class localized support infrastructure,” Ariel Assaraf, CEO at Coralogix, said in a statement.
As part of this, the company has already set up a new Amazon Web Services (AWS) server in Mumbai region.
It claims to have scaled its servers by over 1000%, with localized data processing reaching a rate of 100 billion events a day, offering efficient services to some of the biggest tech companies in the country.
Globally, Coralogix serves more than 2000 customers, including BookMyShow, Payoneer, and ten Fortune 100 companies.
It registered 250% YoY growth in the last quarter and has raised a total of $96 million thus far.
Other than this, the fresh round of funding will be used to expand the streaming platform beyond observability and transform it into a comprehensive storage-free data solution.
Explaining the vision in a blog post, the company said, “..imagine a world where you can send all of your data for analysis without thinking about quotas, without thinking about retention, without thinking about throttling. Get best-in-class analytics with long-term trends and be able to query all the data from your own storage, without any issues of privacy or compliance.”