Security analytics platform Devo Technology hits $2bn valuation

Cloud-native logging and security analytics platform Devo Technology has reached a $2bn valuation after the close of its Series F on $100m.

The investment was led by Eurazeo, a global investment firm with over $30bn in assets under management. Commitments also came from all existing investors, including Insight Partners, Georgian, TCV, General Atlantic, Bessemer Venture Partners and Kibo Venture.

Additionally, ISAI Cap Venture provided a strategic investment in the round.

The funds have been earmarked for growth in new regions and verticals, with a particular interest in the public sector and the Asia-Pacific (APAC) region. Devo Technology also hopes to accelerate the delivery of “autonomous SOC” and to foster new M&A efforts.

Devo, which is based in Massachusetts, provides companies the tools to collect all of your data without compromise and be prepared to defend their entire attack surface.

Devo recently acquired Kognos, an AI-powered threat hunting solution. This deal is helping Devlo establish the autonomous SOC, which boasts complete visibility, automation, analytics, and open access to community expertise and content.

Some of Devo’s recent milestones include nearly 100% growth in annual revenue and customer growth, and the launch of its Devo Exchange, a community-based application marketplace for Devo customers and partners.

Devo CEO Marc van Zadelhoff said, “Security teams are facing more threats than ever—regardless of industry or geography—and that challenge is compounded by the difficulty of hiring and retaining talent, a lack of visibility into the full attack surface, and the speed and scale necessary to keep up with not just growing threats, but the growth of their organizations.

“This round of funding allows us to deliver on the autonomous SOC through continued innovation of our technology, expand to more regions to serve more customers, and consider more M&A opportunities.

With the close of this round, Devo Technology has raised over $500m in funding. The company previously raised $250m for its Series E round in October 2021, which had brought its valuation to $1.5bn.

Earlier in the week, Israel-based Perimeter 81 became the latest CyberTech unicorn, following the close of a Series C funding round.

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