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Cloud security analytics provider Devo Technology bags $100M in funding

Categories Edge Computing News  |  Edge Security  |  Funding
Cloud security analytics provider Devo Technology bags $100M in funding

Devo Technology, a provider of cloud-native security analytics solutions, raised $100 million in a Series F funding round to bring the total raised amount to more than $500 million to date. The funding was led by a global investment firm, Eurazeo, along with the participation of the existing investors, Insight Partners, Georgian, TCV, General Atlantic, Bessemer Venture Partners, and Kibo Ventures. ISAI Cap Venture provided a strategic investment in the funding round.

“Security teams are facing more threats than ever — regardless of industry or geography — and that challenge is compounded by the difficulty of hiring and retaining talent, a lack of visibility into the full attack surface, and the speed and scale necessary to keep up with not just growing threats, but the growth of their organizations,” said Marc van Zadelhoff, CEO of Devo.

Threat hunting is a process of detecting dangerous and threatening activity within the IT setup for an organization. Devo’s observability and analytics platform continuously scouts network and other IT systems for detection and isolation of advanced cyber threats that usually breaks away from the standard security solutions.

Threat hunting has become an important activity for enterprises undergoing digital transformation efforts such as edge computing. Due to a large amount of data and IoT connected devices, the edge network has become a complex infrastructure to take care of when it comes to cyberattacks. Threat hunting is expected to play a crucial role in keeping the edge ecosystem intact and providing early mitigation.

The funds will allow Devo Technology to deliver autonomous SOC solutions through continuous innovation and development while expanding into new geographical locations to serve the private and public sectors. The company plans to continue its expansion in the Asia-Pacific region where it recently showed substantial growth, including adding energy provider Powerco as a customer and deploying an in-region AWS environment for customers and partners.

Along with this announcement, Devo Technology has also announced that it has established a new team of security researchers and data scientists to form Devo SciSec. The team will combine threat research, advanced data science, and machine learning to enable enterprises to early detection and mitigation of cyber threats.

Devo Technology has recently acquired Kognos, a provider of AI-powered threat hunting solutions, which helped the company to deliver autonomous SOC to provide visibility, automation, analytics, and open access to community expertise and content. Other than expanding in new verticals and geographical markets, the funding is also expected to fuel mergers and acquisitions.

The company’s funding can be attributed in part to achieving aggressive growth numbers with nearly 100% annual revenue growth and approximately 100% customer growth for the year, including Sonos, AT&T, and Unisys. Other key achievements in the fiscal year include launching Devo Exchange, a community-fueled application marketplace for customers and partners, and Devo Technology is also achieved the Federal Risk and Authorization Management Program’s (FedRAMP) “In-Process” status.

“Devo has proven to be a disruptive force in the security analytics market and we believe in its vision to fundamentally change the way organizations secure their data,” said Guillaume d’Audiffret, Managing Director at Eurazeo, who joins the Devo Board.

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