Israeli startup Coralogix, a company that develops advanced machine learning log analytics, announced on Thursday that it raised $55 million in a Series C funding round led by Israeli VC firm Greenfield Partners, with participation from Red Dot Capital Partners, StageOne Ventures, Eyal Ofer’s O.G. Tech, Janvest Capital Partners, Maor Investments, and 2B Angels.
The investment brings the company’s total amount raised to $96 million.
Founded in 2015, Coralogix built a platform, Streama, that helps engineering teams manage their log data and provides them with automatic insights while reducing cost. The solution processes millions of log file records and gives monitoring, visualization, and alerting capabilities with no reliance on storage or indexing, solving the challenge of data growth in large-scale systems.
Coralogix says it works with global companies including 10 of the Fortune 100 firms. In the last quarter, Coralogix said it almost tripled its YoY growth and doubled its paying customer base to over 2000.
With this new round of funding, the company is planning to scale its R&D teams and expand its platform.
“The exponential growth of data is preventing companies from achieving full coverage,” said Ariel Assaraf, CEO of Coralogix, in a company statement. “We address this challenge through our stateful streaming analytics technology, which enables our users to decide how their data goes through our processing pipelines, enabling storage-free insights.”
In a blog post, Assaraf said the company’s current goal was “to advance our storage-less vision and use Streama as the foundation for what we call the data-less data platform.”
“Our mission is to make raw data obsolete,” said Yoni Farin, Coralogix CTO. “This round of funding will help us further our storage-free vision, supporting the exponential nature of software.”
Shay Grinfeld, managing partner at Greenfield Partners said, “The dramatic shift in digital transformation is generating an explosion of data, which until now has forced enterprises to decide between cost and coverage. Coralogix’s real-time streaming analytics pipeline employs proprietary algorithms to break this tradeoff and generate significant cost savings. Coralogix has built a customer roster that comprises some of the largest and most innovative companies in the world. We’re thrilled to partner with Ariel and the Coralogix team on their journey to reinvent the future of data observability.”