Devo Technology Gets $100 Million to Promote ‘Autonomous’ SOC, Global Expansion

Devo Technology has received $100 million in a funding round, boosting its valuation to $2 billion. The cloud-native logging and security analytics company has now raised a total of more than $500 million.

Global investment firm Eurazeo led the latest funding round. Insight Partners, Georgian, TCV, General Atlantic, Bessemer Venture Partners, Kibo Ventures also participated. Additionally, ISAI Cap Venture provided a strategic investment.

The funding comes on the heels of Devo’s acquisition of Kognos, the AI-powered threat hunting pioneer. This marked a key step in delivering what Devo calls the autonomous SOC — complete visibility, automation, analytics, and open access to community expertise and content. The autonomous SOC will integrate seamlessly with security and IT tools, the company said. It will enable SOC leaders to leverage automation such as AI and machine learning. Teams will perform fast, effective incident response and detection to resolve threats on large-scale, cloud and legacy infrastructures.

Facing Threats Head-On

Devo’s Marc van Zadelhoff

Marc van Zadelhoff is CEO of Devo.

“This round of funding allows us to deliver on the autonomous SOC through continued innovation of our technology, expand to more regions to serve more customers, and consider more M&A opportunities,” van Zadelhoff said. “We’re thrilled to have instilled such confidence in our investors that they continue to support our innovation and the value we deliver to customers.”

He said security teams are facing more threats than ever. This is compounded by the difficulty of hiring and retaining talent. In addition, there’s a lack of visibility into the full attack surface and the speed and scale necessary to keep up with growing threats. The growth of organizations behind these threats is also a concern.

Regional Expansion

Devo plans to double down on its commitment to recent expansions in Europe and Asia Pacific. It has also seen substantial growth in Asia, including adding energy provider Powerco and deploying an in-region AWS environment for customers and partners. In February, Devo announced it was designated as Federal Risk and Authorization Management Program’s (FedRAMP) “In-Process” and expects to reach full authorization in the fall of 2022.

Eurazeo’s Guillaume d’Audiffret

Guillaume d’Audiffret is managing director at Eurazeo and joins the Devo Board.

“Devo has proven to be a disruptive force in the security analytics market, and we believe in its vision to fundamentally change the way organizations secure their data,” said d’Audiffret. “It is setting a pace for innovation that will enable its customers to meet the ever-growing challenges facing security teams and we look forward to continuing our work together with Devo and fellow investors to further develop its market leadership.”

Devo just last year debuted Devo Drive, its first partner program for resellers, MSSPs and global systems integrators. The program launched with three tiers for partners who want to sell Devo’s data logging and SIEM solutions.