CyberTech company Devo Technology hits unicorn status

Cloud-native logging and security analytics platform Devo Technology has reached a $1.5bn valuation after the close of its Series E on $250m.

TCV served as the lead investor, with commitments also coming from General Atlantic and Eurazeo. The round was also supported by existing investors Insight Partners, Georgian, Bessemer Venture Partners and Kibo Ventures.

With the capital injection, Devo hopes to further its growth in new regions and market verticals, with a focus on an expanded presence in the public sector, as well as internationally in the Asia-Pacific. Funds will also be used to increase its channel expansion and product innovation.

Devo is currently going through a period of strong growth. Some of its achievements include nearly 100% year-over-year revenue growth, over 100% customer growth, including H&R Block, Manulife, FanDuel, Ulta Beauty and AMEX Global Business Travel, and the launch of new services.

The company’s team, which spans North America, Europe and APAC, is now at more than 400 employees.

Devo claims the speed at which businesses are moving to the cloud is accelerating, with cloud-first organisations outnumbering on-premise organisations three-to-one.

Devo CEO, Marc van Zadelhoff said, “Digital transformation, and the massive threat surface associated with it, have elevated security analytics to the centrepiece of frontline cyber defences.

“Pedro Castillo and our founders built Devo for this transformation, and now the world’s largest businesses choose us because we combine unmatched scale, powerful analytics, and the ability to get answers in real time—fundamentally changing how security teams interact with their data. This new funding validates the disruptive force we have become and sends a signal to the industry that we will continue to set the pace for innovation and customer value.”

The company develops cybersecurity tools that help companies collect all their data without compromise. Its features include SOC management, log management and more.

As part of the deal, TCV general partner Gopi Vaddi and General Atlantic operating partner Gary Reiner have joined Devo’s board of directors.

With the close of the round, the FinTech company has raised a total of $400m in funding.

There have been a handful of CyberTech companies to join the unicorn club this year. Most recently, identity infrastructure company Persona reached a $1.5bn valuation after it closed its Series C on $150m.

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