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Devo Inc., a data management startup founded in Spain, has raised a $25 million Series C round led by Insight Venture Partners and will soon move into an office near Alewife Station as it plans to expand its marketing and operations team in Cambridge.
The company, which was previously known as LogTrust, first moved its headquarters to Massachusetts last year when Insight invested $35 million. At the same time, Walter Scott, an executive who has led multiple portfolio companies for Insight, took over as CEO.
“This is the one that I’ve been most excited about in my career,” Scott said, adding that Devo has “the most incredible (intellectual property) that we’ve seen” at Insight. Scott previously led Burlington-based Acronis Software, along with half a dozen other software companies.
Devo was founded in 2011 and launched software in 2014 that allows companies to collect and analyze data from their corporate networks. It specializes in handling massive amounts of data, where many similar database software products fail, according to Scott. He gave the example of a major telecommunications company planning for the rollout of a 5G mobile network. The company might analyze trillions of data points to determine where traffic is heaviest on its current 4G network, and then establish its 5G signal towers near those locations.
Scott did not share details about Devo’s revenue, but said the company now employs 100 people, including roughly 25 in the Boston area. Local employees are currently working out of a temporary office in Burlington, but will soon move into 4,500 square feet at 150 Cambridgepark Drive.
Scott said he chose the office location, which is adjacent to Alewife Station, because it provides easy access to young talent in Boston and Cambridge via the Red Line, but also to more experienced software executives who often live in the suburbs.
“Our biggest challenge right now is not the IT, it’s finding the right people,” Scott said. He added that Devo is looking to hire locally for marketing and data science roles.
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