Israel-based provider of machine learning-powered log analytics and monitoring solutions, Coralogix, on Thursday announced it has raised $55 million in a Series C funding round led by Greenfield Partners, bringing the company’s total amount raised to $96 million.
The company aims to pursue its strategic five-year growth plan for the Indian market, whilst assisting companies with regional server support, data storage capabilities, and compliance with the country’s data privacy laws.
The latest round of funding also saw participation from Red Dot Capital Partners, StageOne Ventures, Eyal Ofer’s - O.G. 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 co-led by Red Dot Capital Partners and O.G. Tech VC (backed by Eyal Ofer).
Coralogix in its previous funding round had announced a strategic expansion into India with a commitment to invest over $30 million in the upcoming 5 years. The company is currently pursuing its investment goals for the Indian market. Besides, the company is also aggressively expanding its onsite team in the country to provide comprehensive sales and customer success support to India-based companies.
“India is a significant market for Coralogix packed with huge opportunities. India’s data privacy laws mandating data localization are 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 localized support infrastructure. Data is the new oil, however, the exponential growth of data is preventing companies from leveraging its full potential. 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," explained Ariel Assaraf, chief executive officer, Coralogix.
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. The company has scaled its servers by over 1000 per cent with localized data processing reaching a rate of 100 billion events a day, offering efficient services to some of the biggest tech companies across the country. The company is also eyeing to aggressively expand its market footprint across India offering best-in-class localized support infrastructure to global enterprises.
“The dramatic shift in digital transformation is generating an explosion of data, which until now has forced enterprises to decide between cost and coverage,” said Shay Grinfeld, managing partner, Greenfield Partners. “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.”
The latest round of funding comes on the heels of a momentous year for Coralogix. In the last quarter, Coralogix experienced 250 per cent y-o-y growth and more than doubled its paying customer base to over 2000.
The company will use the new capital to extend its platform beyond observability towards a comprehensive storage-free data solution.
“Our mission is to make raw data obsolete. This round of funding will help us further our storage-free vision, supporting the exponential nature of software,” added Yoni Farin, chief technology officer, Coralogix.
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.
