Logz.io, a Boston startup that has developed a software analytics platform for DevOps teams, announced Tuesday it closed on a $23 million funding round led by Pitango Growth, Israel’s largest VC firm.
Founded in Tel Aviv in 2014, Logz.io’s cloud-native platform provides software and IT teams with open-source tools without them needing to navigate the complexity of operating, managing or scaling them. In short, the company helps businesses make sure their applications and websites are running the way they are supposed to. And, if there’s a problem, Logz.io helps them find the root cause and solve it.
The last time Built In caught up with Logz.io was in 2019, when it raised a $52 million Series D. At the time, the company was investing heavily in machine learning and data mining, as well as a security product, which had just been launched.
“We’re seeing a lot of traction and need in that space,” co-founder and CEO Tomer Levy told Built In at the time.
Now, Logz.io claims to have acquired a record number of new customers in 2020, and is supporting more than 800 companies around the world, including Dish Network, ZipRecruiter and Siemens. It has also launched several new products this year, including a new log management tool to help engineers store data on different tiers, thus reducing logging costs.
“We believe the prosperity of global businesses is critically reliant on their digital success,” Pitango Growth partner Isaac Hillel said in a statement. “The new generation of observability platforms, led by Logz.io, are a huge enabler for such businesses.”
This fresh funding will be used to develop the platform even more and propel Logz.io’s go-to-market activities around the world. The company is also hiring, with plans to immediately add about 30 new people to its Boston, Israel and London offices. These new positions will be focused on marketing, sales, and engineering, according to BostInno.
