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Today, observability and streaming analytics provider Coralogix announced that it has raised $142 million in a Series D funding round. The financing brings the company’s total funding to $238 million and will enable the organization to expand its go-to-market, product and R&D teams in the Americas, EMEA, UK and APAC.
Coralogix’s full-stack observability platform, powered by the company’s Streama technology, is distinguished by its ability to provide access to real-time assets, ML models, data transformation, and alerting without relying on storage or indexing , aroused great investor interest.
The lack of dependency on storage or indexing allows organizations to gain insights at lower cost because they don’t have to pay for additional resources.
Achieve observability in the age of complexity
The funding round comes as companies urgently need to reduce complexity in hybrid cloud environments. Research shows that 59% of organizations plan to optimize existing cloud usage to drive cost savings.
Coralogix aims to support organizations seeking greater cost efficiencies in the cloud with a lighter observability solution that requires fewer resources.
“The underlying architecture of the platform allows users to leverage analytics, alerting, metrics generation, anomaly detection and more – all without indexing, allowing users to optimize total cost of ownership and improve insights while reducing costs and overhead,” said Ariel Assaraf, CEO of Coralogix .
At the same time, the integration of automatic data clustering in templates, CIDC version benchmarks, network data security and log flow alerts are designed to maintain visibility in complex cloud environments.
“We are also focused on maintaining an open data platform so users can send any data, query with any syntax, and visualize it in any dashboard. This helps ease onboarding and widespread adoption in any organization with no vendor lock-in,” Assaraf said.
A look at the observability market
The funding announcement comes as the AIOps and cloud observability market is valued at $17 billion per year as more organizations seek solutions to gain visibility across complex modern architectures.
Coralogix competes with a number of established vendors, including Datadog, a cloud monitoring-as-a-service solution that offers a mix of log management, security monitoring, network monitoring, synthetic monitoring, and true user monitoring capabilities.
Datadog is also a Gartner Magic Quadrant Leader for Application Performance Monitoring Solutions and recently announced revenue of $1.03 billion last year.
Another competitor is Dynatrace, an observability platform that combines infrastructure monitoring with application and microservices monitoring, application security features, business analytics, and cloud automation. Dynatrace recently announced that it has generated $930 million in annual recurring revenue.
However, Assaraf argues that it differentiates Coralogix from competitors by not relying on storage or indexing.
“Unlike other solutions on the market, Coralogix technology enables users to gain insights into their data without having to rely on storage or indexing, resulting in better performance, better stability and advanced TCO optimization with transparent and predictable costs possible,” said Assaraf.
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