Israeli SaaS startup Coralogix raises $142 mn, to expand India biz
In a bid to expand its presence in India and Asia-Pacific, Israeli software-as-a-service (SaaS) platform Coralogix on Wednesday announced it has raised a $142 million in its Series D funding round, bringing the total fund-raise to $238 million.
Additionally, the funds will also be used to accelerate the build-out and go-to-market of Snowbit which is Coralogix's cybersecurity venture being developed out of India and Israel.
"Our technology breaks the unit economics of observability to provide our customers with a cost-effective way to centralise and scale across the R&D organisation," said Ariel Assaraf, CEO of Coralogix.
"Our rapid growth in the Indian market is a testament to the proposition and evolution of Coralogix as a full-stack observability platform," added Navdeep Manaktala, Co-Founder, Snowbit and President, APAC at Coralogix.
"We are working to expand our go-to-market team in India and enter the ANZ and ASEAN geographies in the next few months," Manaktala added.
The Israeli startup, which also has a headquarters in San Francisco in the US, is a next-generation, full-stack observability platform that provides infinite insights for logs, metrics, tracing, and security data when and where users need them.
The platform changes the unit economics of observability, with current spending as high as 10 per cent of overall cloud infrastructure budgets, to give customers a 40-70 percent reduction in costs while simultaneously improving their performance and data insights.
New investors Advent International (Advent) and Brighton Park Capital co-led the round with participation from Revaia and existing investors.
"We are confident that Coralogix's unique data streaming architecture and analytics pipeline will continue to transform the category through its ability to provide superior monitoring coverage, insights, and results while yielding significant cost savings," said Alek Ferro, Director at Advent.
In the past year, the company has signed some of the most successful hypergrowth and enterprise customers in the US, Israel, India, and the EMEA region.
In India, Coralogix has tripled its customer base over the last 12 months with marquee customers across a broad range of domains including e-commerce, financial services, messaging, media and entertainment, logistics and educational services. - IANS
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