Devo Technology bags $60m in its Series D funding round and names new CEO

Cloud-native data analytics and security Devo Technology has bagged $60m in its Series D round and named former LogMein co-founder Marc van Zadelhoff as its new CEO.

Georgian served as the lead investor for the round, with additional support coming from Bessemer Venture Partners and existing investor Insight Partners.

With the support of the fresh capital and new leader, the RegTech platform is hoping to continue its growth at an aggressive rate and accelerate its position in the market.

Devo leverages machine data to gain full visibility within systems, improve threat hunting, detection and investigation, and improve business monitoring.

The company claims to have witnessed an 80% year-over-year growth during the first half of 2020.

Devo CEO Van Zadelhoff said, “Walter has done an outstanding job leading Devo, building an exceptional customer base, and solidifying the company’s competitive advantage.

“With Devo, organizations implementing security analytics and log management platforms no longer have to make compromises on speed, or struggle with scalability limitations or price constraints. Devo is cloud native, affordable, scalable, cloud agnostic and fast as hell. These are advantages that customers are dying to have and it made me want to be part of Devo. I know we have the team and the technology in place to build a company for the history books.”

The deal sees van Zadelhoff take over the position of CEO from Walter Scott, who will now become the chairman of the company’s board of directors.

Copyright © 2020 FinTech Global

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