The company was last valued at $1.5B in October 2021. Here are the top-line bullets you need to know.
Devo Technology, a cloud-native logging and security analytics company, has raised $100M in a Series F. The round drew participation from Bessemer Venture Partners, Eurazeo, General Atlantic, and Georgian Partners, among others.
HOW’S THE COMPANY PERFORMING?
- Massachusetts-based Devo Technology provides security and service operations for enterprise defense and IT operations management.
- Last fiscal year, the company saw its annual revenue and customer base grow by nearly 100%.
- Its client base includes AT&T, Oklahoma University, Sonos, Powerco, and Unisys.
- In April 2022, the company acquired Kognos, an autonomous threat hunting company.
- The startup is supported by a team of 500+ employees across North America, Europe, and the APAC region — this includes the 91 new employees that it has added in 2022 so far.
Source: Devo Technology
WHY DOES THE MARKET MATTER?
- The global security analytics market is expected to reach a value of $25.4B by 2026, growing at a CAGR of 16.2%, according to Markets and Markets.
- The managed services segment is expected to experience the highest growth rate over the forecast period.
- The rising frequency and sophistication of cyberattacks have contributed to market growth.
