Devo Technology, a company that is based on technology and AI and provides cloud-native security analytics solutions to its customers, announced that it has raised $100 million in series F funding. This $100 million funding brings the company’s total amount to $500 million. The funding round was led by one of the recognized and leading companies in the field of investment, Eurazeo, founded in 2001 according to tcvwilhelmtechcrunch.
Previously, Devo, cloud-native logging and security operator that delivers real-time visibility startup firm focused on, announced that it has raised $250 million in funding. After this investment, the company’s total valuation at $1.5 billion. the investment is led by TCV, and the other two investors General Atlantic, and Eurazeo.
There was active participation from other investors as well, namely Insight Partners, a great equity firm based in New York; Georgian, a fintech software company; TCV, a leading investment company; General Atlantic, an equity-based investment firm; Bessemer VenturesPartners, a company famous for investing and lending; and Kibo Ventures, a fund-focused investment company.
ISAI Cap Venture was also among the participants, and it is the company that provided a strategic investment to Devo Technology in the funding round.
Through product innovation and development, Devo Technology intends to use this funding to provide autonomous SOC solutions to its customers. Moreover, the company will also expand its business to new geographical locations to attract and retain new customers there. At present, the company is focusing on its expansion in the Asia-Pacific region as it is the main hub where it can attract more and more customers on easy terms.
The company had already taken a step towards its expansion by adding energy provider Powerco, the second largest gas and electricity distribution channel in the Asia-Pacific region, as a customer. Furthermore, to develop a strong customer base, it is developing an AWS environment for customers and partners.
Marc van Zadelhoff, CEO of Devo Technology, states that due to more and more cyber attacks, security teams are facing more threats than ever. This is extremely difficult because, in order to provide accurate security against those threats, we must hire and retain talented individuals. A lack of security can cause huge damage in three ways.
First, the damage caused to the client and its organization; second, the damage caused to our organization; and third, the damage caused to us in terms of losing reputation and other customers.
Devo Technology is basically focused on threat hunting. Threat hunting is a process in which an organization, using its tools and technology, detects various kinds of threats and dangerous activities and provides protection against them. At Devo Technology, there are observability and analytics platforms that work continuously for threat hunting and provide protection against them efficiently and effectively.
Threat hunting is a key element for enterprises that are working on computing and providing cloud-based security and facilities. Threat hunting is regarded as an important task without which no security company can survive in the long run. Furthermore, the entire process of threat hunting plays a crucial role in keeping the edge ecosystem intact and active for the business entities as well as for the customers.
Guillaume d’Audiffret, the managing director at Eurazeo, says that Devo has proven itself to be a disruptive force in the security analytics market by the way it has done its work and provided enhanced security to its customers. We believe in and support its vision of changing the way organizations secure their data and giving it a new meaning.
Devo announced to invest in finance to make its security more powerful and enhanced, it has established new security research and data scientist team to form Devo Scitec. The main function and motive of the team would be to conduct research on threats, advanced data science, and various aspects of machine learning. This will further enable the company to detect cyber threats and fraud early and easily.