Companies

Coralogix raises $55 m in Series C round led by Greenfield Partners

Our Bureau Bengaluru | Updated on July 29, 2021

The company will pursue its strategic five-year growth plan for the India market

Coralogix, a machine learning-powered log analytics and monitoring solutions provider, has raised a $55 million Series C round led by Greenfield Partners.

The company will pursue its strategic five-year growth plan for the India market, providing regional server support, data storage capabilities, and compliance with the country’s data privacy laws.

This funding round also saw participation from investors like Red Dot Capital Partners, StageOne Ventures, Eyal Ofer’s – O.G. Tech, Janvest Capital Partners, Maor ventures, and 2B Angels.

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Coralogix has raised a total of $96 million till date. The company will use the new capital to extend its platform beyond observability and move towards a comprehensive storage-free data solution. .

Besides, the company is also aggressively expanding its onsite team in the country to provide sales and customer support to India-based companies.

Ariel Assaraf, CEO of Coralogix said, “ India’s data privacy laws mandating data localisation are a big stride in the current era of digital revolution across businesses and administration..”

As part of its expansion plans for India, Coralogix has set up a new Amazon Web Services (AWS) Mumbai region offering server support and data storage capabilities to its India-based customers.

The company has scaled its servers by over 1,000 per cent with localised data processing reaching a rate of 100 billion events a day. In the last quarter, Coralogix reported 250 per cent y-o-y growth and doubled its paying customer base to over 2,000.

“The dramatic shift in digital transformation is generating an explosion of data, which until now has forced enterprises to decide between cost and coverage. Coralogix’s real-time streaming analytics pipeline employs proprietary algorithms to break this tradeoff and generate significant cost savings,” said Shay Grinfeld, Managing Partner at Greenfield Partners.

Published on July 29, 2021

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