Loggly has secured $15 million in new venture funding from private equity firms, and it has also released a new solution that aims to reduce the time developers spend on identifying and troubleshooting problems.
Headquartered in San Francisco, the cloud-based log management solutions provider on Tuesday said it plans to use the additional funding to "support its areas of differentiation," which include engineering, sales and marketing.
Harmony Partners led the Series C financing round, while existing investors Matrix Partners, Trinity Ventures, Cisco (CSCO), Data Collective and True Ventures all increased the size of their investments. This funding round brings the company's total financing to date to $33.4 million. Loggly received $8 million in Series B funding from investors in September 2013.
"We are a rapidly growing company and will seek to support that growth as needed," said Charlie Oppenheimer, CEO at Loggly, in an interview with Talkin' Cloud. "Our priority is on increasing revenue with new customers and expanding the footprint of our existing install base."
The company said its number of paid customers has nearly tripled since launching its second generation service one year ago. It also said its monthly recurring revenue has increased more than 450 percent during the same time frame.
"By setting the high bar on user experience, our customers are able to get value immediately from our service with over 80 percent of active users up and running within 24 hours of a trial sign up," Oppenheimer said. "The organic revenue growth we see in accounts is an indicator our service is delivering value across the infrastructure and the additional user growth is a sign companies are wanting to share the truth we extract from log files across their organizations."
In addition to the funding news, Loggly — founded in 2009 by Jon Gifford, Raffael Marty, Kord Campbell to assist companies with solving operational issues — announced the availability of Loggly Dynamic Field Explorer, a way for developers and DevOps teams to perform operational troubleshooting by leveraging navigable summaries of company logs.
"With our latest release of Loggly Dynamic Field Explorer we have fundamentally changed how DevOps teams solve operational issues," Oppenheimer said. "We are unique in how we collect data, how we index it and most importantly how we are able to display it to customers."
He added: "This release is a natural extension of how we are able to provide insights ahead of any queries and future release will follow this theme."