Devo Technology, a supplier of cloud-native and security provider of analytics announced that it has closed a $100 million series F fundraising round, valuing the business at $2 billion.
The round was led by the international funding organization Eurazeo, and the group plans to utilize the money to accelerate the development of its “‘autonomous SOC” vision.
The solution has the ability to give businesses visibility over risks in both cloud and on-premise environments, enabling them to assess exposure in complex hybrid cloud setups in real time.
Maintaining A Clear View Of The Battlefield
The announcement comes as safety organizations are continuously fighting to secure a rapidly expanding assault floor.
According to research, an excess of IT risk alerts is emotionally affecting 70% of SOC analysts’ home lives, and 55% of them confess that they are unsure of their ability to prioritize and respond to them.
Devo aims to help these groups by providing real-time analytics visibility.”Mixing real-time streaming with extensive information analytics is necessary for cybersecurity. According to Devo CEO Marc van Zadelhoff, legacy solutions haven’t been able to fill this need, so Devo has created the market’s most scalable and cost-effective platform for safety analytics.
Devo is one of 200 security products that the average CISO or SOC has from 40 different suppliers, according to Zadelhoff. Devo unifies everything; it takes petabytes of data, analyses it, and then shows the SOC the findings in a way that reflects what’s actually occurring in real-time.
Cloud Logging And Surveillance
Devo competes in some respects with the traditional log management market, which analysts estimate to have been worth $2.3 billion in 2021 and will rise to $4.1 billion by 2026 as businesses attempt to secure an increasing number of potential entry points and endpoints.
The enterprise is in fierce competition with a number of well-known vendors, including Splunk, which delivers a data analytics platform with full-stack awareness of the health and performance of the general public cloud, apps services, data centers, third-party tools, and edge infrastructure.
Splunk received $1 billion in capital from Silver Lake in the previous year and is said to have earned $901 million in total.
Another significant rival is IBM QRadar, an XDR package that offers safety analytics for safety groups with automated triage, computerized root-cause evaluation, and contextual intelligence to expedite safety analysts’ investigations of safety occurrences.
However, Zadelhoff asserts that one of Devo Expertise’s key differentiating features from competing options is its cloud-native speed and scale. The company is currently using Cognos to carry out automated risk investigations to hasten the remediation of any found issues.
Devo intends to strengthen its dedication to its most recent ventures in Europe and the Asia Pacific. With the addition of energy provider Powerco and the establishment of an in-region AWS environment for clients and partners, it has also experienced significant development in Asia. Devo stated in February that the Federal Risk and Authorization Management Program (FedRAMP) had categorized it as “In-Process” and that it expected to receive full authorization in the fall of 2022.
Devo Drive, its first partner program for worldwide systems integrators, MSSPs, and resellers, was just launched last year. For partners that want to offer Devo’s data logging and SIEM solutions, the program was launched with three tiers.
The managing director of Eurazeo, Guillaume d’Audiffret, has joined the Devo Board.
Devo has established itself as a disruptive player in the security analytics space, and they support its mission to fundamentally alter how businesses protect their data. They look forward to continuing their engagement with Devo and other investors to further enhance its market leadership because “it is establishing a pace for innovation that will help its clients to handle the ever-growing difficulties facing security teams.”
Marc van Zadelhoff