Israel-based data software-as-a-service (SaaS) startup Coralogix, on Wednesday has raised $142 million in a Series D funding round co-led by Advent International and Brighton Park Capital.
The Israeli startup with headquarters in San Francisco will use the fresh funds to invest in its research and development (R&D) and building its sales and business development globally. Proceeds will also be allocated to expand presence in India and Asia-Pacific regions and lastly, used for the development of Snowbit - its recently launched cybersecurity firm in India.
The round also saw participation from Revaia and existing investors Greenfield Partners, Red Dot Capital Partners, Eyal Ofer’s O.G. Tech, StageOne Ventures, Joule Growth Partners and Maor Investments.
The funding brings the company’s total amount raised to $238 million.
“Our approach at Coralogix is to solve the challenges of ever-growing data volumes and system complexity. Our technology breaks the unit economics of observability to provide our customers with a cost-effective way to centralize and scale across the R&D organization. With this round of funding, we will be expanding our offering into further markets as we continue our journey to provide harmonious observability,” said Ariel Assaraf, CEO, Coralogix.
In July, Coralogix raised $55 million to accelerate its product roadmap and India expansion efforts.
Coralogix offers a 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 sales and customer support in the country.
“We are working to expand our go-to-market team in India and enter the ANZ and ASEAN geographies in the next few months. We will also significantly increase our investment in the build-out of Snowbit, our cybersecurity venture, given the strong interest we have seen in its ability to proactively monitor the entire cloud environment's security and compliance,” said Navdeep Manaktala, co-founder, Snowbit and president - APAC, Coralogix.