[Funding alert] Log analytics platform Coralogix raises $25M in Series B round
Israel- and Mumbai-based Coralogix, provider of ML-powered log analytics and monitoring solution, on Thursday announced that it has raised a $25 million Series B funding round, bringing the company's total amount raised to $41.2 million.
New investors such as Red Dot Capital Partners and OG Tech VC (backed by Eyal Ofer) co-led the round with participation from existing investors Aleph VC, StageOne Ventures, Janvest Capital Partners, and 2B Angels. Barak Salomon of Red Dot Capital Partners and Roy Oron of OG Tech Partners will join the board of directors.
Along with the funding, the company also announced the launch of its real-time analytics solution. The announcement comes on the heels of Coralogix’s recent expansion into India. The company recently established its office and operations in the region and provides local customers with local Amazon Web Services (AWS) regional server support and data storage capabilities. The funding and new analytics solution will help further establish Coralogix's local presence and help better support its local customers.
“Over the last few years, companies have had to forgo observability due to prohibitive costs,” said Ariel Assaraf, CEO and Co-founder, Coralogix. “As a result, monitoring and log management has become increasingly difficult, not to mention it has forced companies to compromise on stability and security. By creating a real-time pipeline that analyses and queries logs using the Elasticsearch syntax, and powering it with our ML engine, our customers can benefit from all the great visualisation and alerting capabilities Elasticsearch offers without its limitations and massive storage costs.”
Already thousands of Coralogix customers, including leading India-based companies such as BookMyShow, Postman, Jupiter Money, and Cred, are seeing cost savings of up to 70 percent.
"Coralogix gives us a highly customisable SIEM solution that addresses the very specific needs of our fintech environment," shared Jayesh Sidhwani, Vice President of Engineering, Jupiter Money.
According to the company, the newly launched analytics solution challenges the cost model of observability by allowing customers to pay according to data priority instead of solely on volume. By re-engineering the Elasticsearch engine, Coralogix is able to offer queries, alerts, and its ML capabilities without the use of storage, the firm said.
“As an organisation that caters to 10 million users, Coralogix has scaled to meet our accelerated growth seamlessly and has demonstrated extreme focus on their customers' needs,” added Shamasis Bhattacharya, Chief Software Architect, Postman.