Logz.io announced a new $23 million funding round led by Pitango Growth, Israel’s largest venture capital firm.
The new financing round, which includes participation from Logz.io’s existing investors, will be used to further accelerate Logz.io’s growth and advance its mission to provide customers around the globe with the best-of-class open source observability tools on a unified SaaS platform.
Logz.io’s cloud-native observability platform is based on open source monitoring tools that proliferate engineering departments in favor of proprietary alternatives. The company’s platform includes four core products: Log Management built on ELK, Infrastructure Monitoring based on open source Grafana, Distributed Tracing based on Jaeger, and an ELK-based Cloud SIEM. These products are offered as a fully managed, highly integrated platform to help engineers monitor, troubleshoot and secure their distributed cloud workloads more effectively.
The latest funding round brings the total capital raised by Logz.io to more than $120 million, including $74 million raised over the last 18 months. That amount of available capital allows the company to accelerate product development initiatives around AI and Machine Learning, expand headcount and propel go-to-market activities around the globe.
“Our mission remains the same since our founding. We help modern engineering teams transform their businesses by enabling better performing infrastructure and applications,” said Tomer Levy, CEO and Co-Founder of Logz.io. “We are excited to continue to partner with Pitango Growth and our existing investors who share our vision of how observability is the key for a successful digital business.”
The new funding announcement comes on the heels of several corporate milestones for Logz.io. On November 10th, Logz.io hosted the highly attended and successful ScaleUP 2020 user conference, which featured the launch of its new Jaeger-based Distributed Tracing solution, as well as several other enhancements to its platform. The unveiling of the new Smart Tiering log data management functionality, as well as continued investment into the ELK-based Log Management, Cloud SIEM and open source Grafana-based Infrastructure Monitoring solutions, continues to solidify Logz.io’s leadership in open source observability. The company also recently welcomed several new seasoned SaaS executives to its leadership team, including CTO Jonah Kowall, CFO Brian Cohen and CMO Guy Hilton.
“We believe the prosperity of global businesses is critically reliant on their digital success and that the new generation of observability platforms, led by Logz.io, are a huge enabler for such businesses,” said Isaac Hillel, partner at Pitango Growth. “We are impressed with the leadership of Tomer, Asaf and the team, and happy to join them on this exciting journey to become a category leader.“
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