[Funding alert] Coralogix raises $55M in Series C round led by Greenfield Partners
Coralogix has announced plans to invest $30 million in India as it looks to expand its reach in the data centre market with its technology offerings.
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, the Israel-based tech startup which has lined up market expansion in India, has raised $55 million in a Series C funding round led by Greenfield Partners.
The latest round of funding also saw participation from Red Dot Capital Partners, StageOne Ventures, Eyal Ofer’s OG Tech, Janvest Capital Partners, Maor ventures, and 2B Angels.
Previously in October 2020, the company had raised $25 million in a Series B funding round, and had also announced a strategic expansion into India, with a commitment to invest over $30 million in the upcoming five years.
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A statement from the company said it is currently pursuing its investment goals for the Indian market to provide sales and customer success support to India-based companies.
As part of its expansion plans for India, Coralogix has set up a new Amazon Web Services (AWS) Mumbai region, offering superior server support and data storage capabilities to its India-based customers.
Coralogix is a provider of machine learning-powered log analytics and monitoring solutions.
Ariel Assaraf, CEO, Coralogix said “India is a significant market for Coralogix packed with huge opportunities. India’s data privacy laws mandating data localisation is a big stride in the current era of digital revolution across businesses and administration. We aim to assist companies to comply with the country’s data privacy laws whilst offering best in class localised support infrastructure.”
India’s data centre industry is expected to grow to 1,007 MW by 2023 from its existing capacity of 447 MW according to a report released by global real-estate and investment firm JLL.
The company claimed it has recorded 250 percent year-on-year growth, and more than doubled its paying customer base to over 2,000.
On the funding, Shay Grinfeld, Managing Partner at Greenfield Partners, said, “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.”
Edited by Kanishk Singh