Total amount raised
$481 Millions
Latest funding date
06/01/2022
Location
Devo has successfully raised significant funding through multiple rounds, with the latest being a Series F round. The company is backed by prominent investors including Insight Partners, Georgian, TCV, General Atlantic, Bessemer Venture Partners, Kibo Ventures, and Eurazeo.
Keep reading to explore the intricacies of Devo's fundraising journey and the investors backing this innovative platform.
What Is Devo?
Devo, founded in 2011, is a cybersecurity company headquartered in Cambridge, Massachusetts. The company specializes in cloud-native logging and security analytics, providing solutions that empower organizations to unlock the full potential of their data.
Founded by Pedro Castillo, Devo operates in the cybersecurity and data analytics industries. The company has a workforce of 101-250 employees and is backed by several prominent investors.
Devo's platform integrates SIEM, SOAR, and UEBA functionalities, leveraging AI and intelligent automation to enhance the capabilities of Security Operations Centers (SOCs). The company serves a global clientele, with operations in North America, Europe, and Asia Pacific.
How Much Funding Has Devo Raised?
- Series A
- Amount Raised: $11M
- Date: January 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish a strong foundation and accelerate initial growth.
- Series B
- Amount Raised: $35M
- Date: September 2017
- Lead Investors: Insight Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and enhance product offerings.
- Series C
- Amount Raised: $25M
- Date: June 2018
- Lead Investors: Insight Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and invest in technology development.
- Series D
- Amount Raised: $60M
- Date: September 2020
- Lead Investors: Georgian
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support rapid growth and expand into new markets.
- Series E
- Amount Raised: $250M
- Date: October 2021
- Lead Investors: TCV
- Valuation at Round: $1.5B
- Motivation Behind the Round: To bolster R&D efforts and expand into new regions and verticals.
- Series F
- Amount Raised: $100M
- Date: June 2022
- Lead Investors: Eurazeo
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling and enhancing product capabilities.
Total Amount Raised: $481M. Current Valuation: $1.5B.
Key Investors
- Insight Partners
- Details: Insight Partners is a global private equity and venture capital firm. They focus on growth-stage software and internet companies.
- Investment Focus Areas: Software, Internet, Data Services
- Notable Investments: Twitter, Shopify, DocuSign
- Georgian
- Details: Georgian is a growth equity firm that invests in high-growth technology companies. They emphasize applied artificial intelligence and digital transformation.
- Investment Focus Areas: Applied Artificial Intelligence, Trust, Digital Transformation
- Notable Investments: Shopify, FreshBooks, Top Hat
- TCV
- Details: TCV, or Technology Crossover Ventures, is a leading provider of growth capital to technology companies. They have a strong track record of taking companies public.
- Investment Focus Areas: Technology, Internet, Financial Services
- Notable Investments: Netflix, Facebook, Spotify
- General Atlantic
- Details: General Atlantic is a global growth equity firm providing capital and strategic support for growth companies. They invest across various sectors including technology and healthcare.
- Investment Focus Areas: Consumer, Financial Services, Healthcare, Technology
- Notable Investments: Airbnb, Alibaba, Uber
- Bessemer Venture Partners
- Details: Bessemer Venture Partners is a venture capital firm that invests in early-stage and growth-stage companies. They have a diverse portfolio across multiple sectors.
- Investment Focus Areas: Enterprise, Consumer, Healthcare, Frontier Technology
- Notable Investments: LinkedIn, Pinterest, Shopify
What's Next for Devo?
Devo is poised for aggressive growth, leveraging its recent funding to expand into new regions and verticals. The cybersecurity market, projected to reach $345.4 billion by 2026, offers substantial opportunities for Devo to enhance its product R&D and channel operations. This expansion is driven by the increasing need for robust cybersecurity solutions amid rising cyberattacks and the shift to hybrid work environments.
Future fundraising opportunities appear promising, with Devo potentially eyeing an IPO within the next two to three years. The company's partnership with TCV, known for taking numerous companies public, further supports this trajectory. However, Devo will need to navigate challenges such as intense competition from established players like Splunk and Sumo Logic, and the rapid pace of technological advancements in the cybersecurity landscape.
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