Devo Announces $25 Million Funding Round to Meet Accelerated Enterprise Demand for Data Operations Platform
Logtrust Rebrands as Devo to Capture Expanding Market Opportunity for Real-time, Operational Insights for World’s Largest Enterprises
Boston, MA, May 31, 2018 – Devo, the data operations company, today announced a $25 million Series C funding round led by Insight Ventures Partners with participation from Kibo Ventures. This new funding and rebrand follows a momentous year for the company, formerly known as Logtrust, marked by rapid growth and market expansion.
Leveraging its strong data and analytics experience working with global organizations in the financial services, telecommunications, retail, and manufacturing industries, Devo is changing the way enterprise organizations use data to improve operations and more quickly evolve in today’s digital marketplace. Moving beyond the periodic and siloed analysis of operational data, Devo empowers organizations to combine streaming with historical data to make contextually informed, real-time decisions that deliver new business insights. Devo enables organizations to more efficiently derive deeper value from operational, security, application, IoT and machine data, helping drive continuous improvements, from enhanced customer experiences to reduced operating costs.
“Organizations are experiencing the evolution of data and the requirements for acting on it,” said Walter Scott, CEO, Devo. “Today’s digital economy requires businesses to advance their real-time operational analytics to keep pace with rapidly-changing market conditions and their customers. With a more scalable, cost-effective and complete approach for solving the often-crippling challenges presented by the massive growth of machine data, Devo empowers large enterprises to extract greater value from their operational data.”
“Supporting the world’s largest organizations in their efforts to collect and analyze hundreds of terabytes of data every day requires significant research and development resources,” said Pedro Castillo, founder and CTO, Devo. “Today’s funding bolsters our commitment to continuous innovation, enabling us to increase investment in our research and development, sales, and marketing teams.”
To coincide with the rebrand, Devo has launched a new website which can be found at devo.com. To read more about the rebrand, please visit the Devo blog.
Devo, formerly Logtrust, is a leading Data Operations Platform for the digital enterprise. Devo delivers real-time business value from analytics on streaming and historical data to help Fortune 1000 enterprises drive sustained performance and growth. The Devo Data Operations Platform collects, enhances and analyzes machine, business and operational data from across the enterprise. Devo provides real-time analytics and insight for IT operations, security analytics, business analytics, customer insight and log management for the world’s leading organizations. For more information visit devo.com.
About Insight Venture Partners
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $18 billion and invested in over 300 companies worldwide. Our mission is to find, fund and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. Across our people and our portfolio, we encourage a culture around a core belief: growth equals opportunity. For more information on Insight and all its investments, visit www.insightpartners.com or follow us on Twitter @insightpartners.