New AI-powered capabilities massively increase the value of stored data and create new flexibility in an outdated market
BOSTON and TEL AVIV – November 15, 2017 – Logz.io, the leading provider of AI-powered log analysis, today announced it has raised $23 million in Series C funding led by OpenView, with participation from investors 83North, Giza and new investor Vintage Investment Partners, bringing total capital raised to-date to $47 million. The funding, amidst rapid company growth including more than tripling revenue YoY, cements Logz.io’s position as the leading AI-powered log analysis platform. The company also announced the release of two market-transforming capabilities – Logz.io Data Optimizer and Logz.io Application Insights – designed to help companies derive more value from machine data.
This latest funding round will support Logz.io’s go-to-market expansion and allow the company to continue aggressively investing in product innovation to serve the needs of its customer base, which has roughly tripled YoY to more than 400, and includes leading enterprises like Oracle, Intel, British Airways and Electronic Arts. The company also plans to double its current footprint in Boston, its US headquarters where 25 of its 100 employees are based, over the next 12 months.
Logz.io is an intelligent log analytics platform that combines advanced machine learning with the powerful open-source ELK (Elasticsearch, Logstash, Kibana) stack. The company enables the midmarket and enterprise alike to leverage ELK in a user-friendly and immensely scalable platform. Logz.io synthesizes machine data, user behavior, and community knowledge into actionable insights that help organizations take their operations to the next level.
“Logz.io continues to show that it can enable some of the most data-driven companies in the world to optimize their applications and infrastructures through smart analytics on machine-data,” said Jim Baum, venture partner at OpenView. “Logz.io continues to disrupt the log analytics market and has changed the value-cost equation for data. This new paradigm is transformational for the enterprise and disruptive for incumbents – traits that secured our continued investment in the Logz.io team, approach, and technology.”
Logz.io is committed to creating a log analysis platform that empowers customers to attain the most value from their data. Staying true to this mission, Logz.io has released two groundbreaking new features: Application Insights and Data Optimizer.
Application Insights enables dramatically faster incident detection and resolution of critical application issues. It uses machine learning to create and maintain a model of normal operations which it then uses to isolate new exceptions and critical errors which don’t fit the model and highlights these events for further investigation. Application Insights also integrates with CI/CD to put new exceptions and error messages in the context of changes to the environment such as a micro-service deployment.
Data Optimizer empowers enterprises to reduce the cost of data retention by determining which logs have value and how long they should be stored. The Data Optimizer summarizes critical logs and eliminates noisy and unnecessary logs which in turn enables significant efficiencies and reduces data noisiness. This enables long-term trend investigation and comparisons for greater insights into operations and completely changes the business model for companies operating in the log analytics space.
“Logz.io goes far beyond technology – they are focused on the problem of improving our cloud operations, which is central to our business” said Troy Washburn, Director, DevOps & Cloud Solutions at Rent-A-Center. “They have built their platform specifically for the continuous deployment environment that has emerged in recent years, making event correlation lightning fast as well as changing the business dynamic of data, volume-based services.”
“Logz.io stood out to us in the log analytics space for its scalability and flexibility, and the fact that it’s built on a popular open source platform means we can take advantage of a huge set of skills without needing to build anything proprietary,” said Joseph Poirier, Director, Cloud Platform at Bazaarvoice . “In a complex environment like ours, having a tool that gives us complete visibility and intelligent insights is invaluable to ensuring our operations run smoothly.”
“We believe the rapid growth of our customer base and partner ecosystem is directly attributable to the type of outside-the-box thinking evidenced by our newest capabilities,” said Tomer Levy, CEO and co-founder, Logz.io. “We see a massive opportunity to help businesses of all sizes derive far more value from machine data than is currently possible under existing log analytics business models, and we’re excited and humbled by the opportunity to further invest the additional funds in bringing even more innovative capabilities and flexibility to the market.”