The effects of the pandemic have accelerated digital transformation across industries and verticals and this led to an explosive shift to the cloud. Devo Technology delivers centralized cloud log management solutions powered by machine data to facilitate this shift. Designed for security and IT teams in mind, organizations can now handle the influx of data with robust analytics, workflow streams, and with insights for cross-functional teams from a single, unified platform. The plaform is versatile and has already been used in military, professional sports, financial services, telecommunications, and retail settings.
Boston TechWatch caught up with Chief Marketing Officer Dimitri Vlachos to learn more about Devo Technology and its latest funding round, which will be used to propel its growth across the globe – Devo currently has teams in the US, UK, and Spain. Founded in 2011, Devo tech has now raised a total of $131M across five rounds.
Who were your investors and how much did you raise?
Series D, $60M raised. The round was led by Georgian, with Bessemer Venture Partners and existing investor Insight Partners also participating.
Tell us about the product or service that Devo Technology offers.
Devo empowers security and operations teams to accelerate cloud shift by revolutionizing the speed, scale, and economic fundamentals of machine data analytics. With the cloud-native Devo Data Analytics Platform, IT and Security teams can go beyond legacy log management solutions to keep pace with the relentless real-time demands of exploding data volumes. By harnessing the power of machine data, organizations can put more data to work to drive their business forward, helping business leaders extract value from their data, and better secure their business.
What inspired the start of Devo Technology?
Our founders were part of a security team at a large bank and saw first-hand the challenges security teams face with the explosion of data associated with the shift to the cloud. They founded Devo to solve these challenges and give security teams what they never had— the ability to see instantly what is happening in their environment and respond to security incidents in real-time.
How is Devo Technology different?
The Devo Platform is the only cloud-native solution that scales to meet organizations’ machine data needs without the typical performance and cost tradeoffs. The platform is built on a multitenant, proprietary architecture that supports all major public cloud environments. Beyond providing superior performance and TCO, the platform is tailored for security and IT use cases with purpose-built applications that provide superior analytics, workflow, and insights for multiple teams, all from a single, unified data set.
What market does Devo Technology target and how big is it?
Devo targets the more than $25B security and IT operations market. Our customers are large organizations (Fortune 1000 and Global 2000) across all industry verticals. Current customers represent a wide range including, military, professional sports, financial services, telecommunications, and retail.
What’s your business model?
Devo is a SaaS company that sells both direct and increasing through partners and MSSPs.
How has COVID-19 impacted the business?
COVID-19 has accelerated business’s shift to the cloud and as a result, Devo has not only survived but thrived in today’s uncertain economic environment, posting record revenue and customer growth in Q2 2020.
What was the funding process like?
This was actually the first fully virtual fund-raising process I have ever been involved in. We met with a number of potential investors. The amount of interest in our market, our story, and our momentum was overwhelming. Having an investor and partner like Insight Partners really helped in this process. When you already work with world-class investors, it makes it easier to attract other world-class investors.
What are the biggest challenges that you faced while raising capital?
The biggest challenged we faced was ensuring we found not just investors, but partners we could work with to deliver value to our customers every day, accelerate our growth, and continue to invest in our technology.
What factors about your business led your investors to write the check?
Devo’s track record of smart business decisions, impressive revenue growth, and disruptive technological development were the driving factors in securing the company’s latest round of funding. Additionally, Devo has a proven ability to keep employees engaged—a trait investors agree is a key to success in inspiring innovative R&D that exceeds customer expectations and accelerates competitive differentiation.
What are the milestones you plan to achieve in the next six months?
Growing the team, accelerating technical innovation and customer adoption, and continuing to provide world-class support to our expanding customer base.
What advice can you offer companies in Boston that do not have a fresh injection of capital in the bank?
Focus on building and improving culture for current employees. Boston is a hub for some of the best technical talent in the world and by nurturing the growth and satisfaction of the talent already on board, companies can motivate people to innovate with the resources already at their disposal.
Boston is a hub for some of the best technical talent in the world and by nurturing the growth and satisfaction of the talent already on board, companies can motivate people to innovate with the resources already at their disposal.
Where do you see the company going now over the near term?
Devo will continue to invest in the company’s rapid growth in the cybersecurity market, expanding R&D, sales, support, marketing, and partnerships. Now with employees spanning three regions—the U.S., U.K., and Spain—Devo will continue to grow its global footprint.
What is your favorite Boston pub to grab a pint with the team?
When you are based in Alewife the answer is of course the Summer Shack—or “The Shack” as we so fondly refer to it.
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