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On the heels of its India launch, Coralogix also announced its new real-time analytics solution Streama
Coralogix, a data analytics and management log analytics platform, has secured US$25 million in a Series B round of funding, the company announced in a statement late last week. The funding brings the startup’s total capital haul to $41.2 million, the company said.
The Series B round was co-led by new investors in the company Red Dot Capital Partners and Eyal Ofer-backed O.G. Tech Ventures, the statement noted.
Participating investors include the company’s existing backers Israel-based venture capital firms Aleph VC, StageOne Ventures, and 2B Angels, and U.S.-based and Israel-focused venture firm Janvest Capital Partners, the statement added.
As part of the deal, Red Dot Capital Partners’ Barak Salomon and Roy Oron from O.G. Tech Partners will be joining Coralogix’s board, the statement also said.
Founded in 2015, Coralogix is an ML-driven log analytics and monitoring solution based in Israel, India and the U.S., with its headquarters in San Francisco.
The company recently announced a strategic expansion into India to offer customers localized Amazon Web Services (AWS) regional server support and data storage capabilities. Some of its India-based customers include BookMyShow, Postman, Jupiter Money, and Cred.
In addition to the funding, the company announced in the statement the launch of its real-time analytics solution Streama.
Streama allows customers to pay according to data priority rather than data volume and re-engineers the open source search engine Elasticsource to offer queries, alerts, and machine learning (ML) capabilities without storage, the statement said.
“Over the last few years, companies have had to forgo observability due to prohibitive costs. As a result, monitoring and log management has become increasingly difficult, not to mention it has forced companies to compromise on stability and security,” CEO and Co-founder of Coralogix Ariel Assaraf said in the statement.
“By creating a real-time pipeline that analyzes and queries logs using the Elasticsearch syntax, and powering it with our ML engine, our customers can benefit from all the great visualization and alerting capabilities Elasticsearch offers without its limitations and massive storage costs,” Assaraf added.
The statement noted that many of Coralogix’s enterprise customers have seen cost savings of up to 70% with the company’s solutions. The company has over 1800 customers and its platform monitors over 100,000 apps in addition to processing over 20 billion events daily, the company’s website notes.
Coralogix had previously raised $10 million in a Series A round in 2019, led by Aleph VC with participation from StageOne Ventures, 2B Angels, and Janvest Capital Partners.
Both StageOne Ventures and Janvest Capital Partners have also independently led earlier seed funding rounds for Coralogix.
Big data has grown to be an incredibly valuable and robustly growing industry. The total amount of data in the world is forecast to reach 59 zettabytes (ZB) this year and continue to grow to 3.5 times that size, reaching 175 ZB in 2025. Moreover, the big data industry is especially expected to swell to a $103 billion industry, nearly double its market size of $56 billion in 2020.
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