Data security startup Devo bags $100M in funding at a $2 billion valuation to develop ‘autonomous SOC’ and fuel global expansion
As enterprises move their IT operations to the cloud so is the level of threat and attack surface. As such, organizations need help to identify threats and bring clarity to their logging and analytics to provide complete visibility over risks on-premise and in the cloud environments so they can take immediate action. That’s where Devo comes in.
Devo is a Boston-based cloud-native logging and security analytics provider that helps organizations dig deep into their data from apps, networks, operations, security, IoT, and machines, and defend them against the ever-expanding threat landscape
Today, Devo announced today it has raised $100 million in Series F funding at a valuation of $2 billion to fuel global expansion and acquisitions, and accelerate its vision of the “autonomous SOC.”
The round was led by Eurazeo, a leading global investment firm with over $30 billion in assets under management. Other existing investors including Insight Partners, Georgian, TCV, General Atlantic, Bessemer Venture Partners, and Kibo Ventures also participated.
The funding round comes on the heels of Devo’s acquisition of the AI-powered threat hunting tech startup Kognos. Devo acquired Kognos back in April to build and deliver the next-generation of autonomous security operation center (SOC).
If you were to assess the technology trends that shaped our world over the past decade, the advent of self-driving vehicles, (also known as autonomous vehicles) would likely stand out as one of the most promising technologies with the potential to reshape our societies in many years to come.
While the concept of autonomous vehicles continues to gain ground, the application of autonomous systems is also beginning to take root in the domain of cybersecurity. And that’s where Devo comes in. With the acquisition of Konos, Devo is now able to deliver autonomous SOC— that includes complete visibility, automation, analytics, and open access to community expertise and content. The autonomous SOC automates key aspects of the threat lifecycle – detection, triage, investigation, and hunting, eliminating the repetitive manual tasks.
Pedro Castillo founded Devo (then Logtrust) in 2011 after nearly 20 years of working as technical security director/CTO at Bankinter and founder of a security software start-up. The startup rebranded from Logtrust to Devo in 2018.
Unlike other cloud-logging tools on the market, the Devo platform provides organizations with a cloud-native logging and security analytics solution that integrates with a set of purpose-built applications for security, IT operations, and machine learning use cases.
Commenting on the funding, 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.”
Zadelhoff added, “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. We’re thrilled to have instilled such confidence in our investors that they continue to support our innovation and the value we deliver to customers.”
Devo plans to continue to drive expansion in new verticals and geographies, particularly the public sector and the Asia-Pacific (APAC) region. In February, Devo announced it was designated as the Federal Risk and Authorization Management Program’s (FedRAMP) “In-Process” and expects to reach full authorization in the fall of 2022.
Headquartered in Cambridge, Massachusetts, with operations in North America, Europe and Asia-Pacific, Devo is backed by Insight Partners, Georgian, TCV, General Atlantic, Bessemer Venture Partners, Kibo Ventures and Eurazeo