Devo Valuation, Funding & Investors

Devo is valued at $2B as of June 2022.

See full Devo profile

Last Devo valuation

$2B

Series F · Jun 2022

Last Devo funding round

$100M

Series F · Jun 2022

Cumulative funding Devo raised

$481M

across 6 funding rounds

Key investors in Devo

  • Insight Partners
  • Kibo Ventures
  • Bessemer Venture Partners
  • Georgian
  • General Atlantic
  • Eurazeo

Devo Overview

About Devo

Devo is a cloud-native logging and security analytics platform processing petabyte-scale data. Cambridge, Massachusetts-headquartered and founded in 2011, it ingests logs from AWS, Azure, and on-premises sources for real-time querying with SQL-like language. Devo supports SIEM, SOAR, and UEBA workflows, serving enterprises in finance and telecom. Backed by investors including TCV and Bessemer, the platform handles billions of events per day.


Founded

2011

HQ

United StatesUnited States

Website

devo.com

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Valuation

$2B (Jun 2022)

Devo Valuation

Devo is currently valued at $2B, based on its Series F in June 2022.

The $100M round was led by Eurazeo, with participation from Georgian, Bessemer Venture Partners, Isai, TCV, Kibo Ventures and 2 other investors.

Devo's valuation has grown 1.3x from $1.5B at its Series E in October 2021 to $2B in June 2022, across 2 priced rounds.

Devo valuation by funding round

Devo valuation by funding round
DateStageValuation
Jun 2022Series F$2B
Oct 2021Series E$1.5B

Devo Funding History

Devo has raised a total of $481M across 6 funding rounds.

Devo's first fundraising round was a $11M Series A in January 2017. The most recent completed round was a $100M Series F in June 2022.

Devo funding rounds

Devo funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jun 2022Series FEurazeo (lead); Georgian; Bessemer Venture Partners; Isai; TCV; Kibo Ventures; General Atlantic; Insight Partners$100M$2BDevo, a cloud-native data analytics and security platform (formerly Logtrust), raised $100M in a Series F funding round on June 2, 2022, led by Eurazeo with participation from Bessemer Venture Partners, General Atlantic, Georgian, ISAI, Insight Partners, Kibo Ventures, and Technology Crossover Ventures (TCV), bringing total funding to $481M over 8 rounds.
Oct 2021Series ETCV (lead); Georgian; Bessemer Venture Partners; Kibo Ventures; General Atlantic; Eurazeo; Insight Partners$250M$1.5BDevo Technology, a cloud-native logging and security analytics company founded in 2011 in Spain and later based in Cambridge, Massachusetts, announced a $250 million Series E funding round on October 26, 2021, led by TCV with participation from new investors General Atlantic and Eurazeo, alongside existing investors Insight Partners, Georgian, Bessemer Venture Partners, and Kibo Ventures. The round valued the company at $1.5 billion post-money and brought total capital raised to over $400 million. Funds were earmarked for aggressive growth in new regions and market verticals, channel expansion, product innovation, cybersecurity roadmap enhancement, public sector presence, and APAC expansion including Australia, New Zealand, and Singapore. Under CEO Marc van Zadelhoff, who joined a year prior, Devo reported doubling its revenue, customer base, and employee headcount in the preceding year, positioning it for further growth toward an IPO in approximately two years. The company highlighted its scale for enterprise logging and sophisticated security analytics, serving large cloud-first organizations amid digital transformation and cybersecurity demands. Recent product launches included Devo Content Stream for high-value content delivery. Devo aimed to disrupt a market potentially worth $7 billion, competing with incumbents like Splunk and Sumo Logic by offering real-time analytics and a 'system of truth' for enterprises. The oversubscribed round reflected strong investor interest in its category-disrupting product suite and commercial momentum. Board additions included Gopi Vaddi from TCV and Gary Reiner from General Atlantic. A subsequent Series F in 2022 raised $100 million at a $2 billion valuation, led by Eurazeo.
Sep 2020Series DGeorgian (lead); Bessemer Venture Partners; Insight Partners$60M-Devo Technology is a cloud-native data analytics and security company offering solutions like Devo Security Operations, a next-generation SIEM designed to address scalability, analytics, automation, and cost issues in legacy SIEMs. In Q2 2020, Devo reported record quarterly revenue with 80% year-over-year growth and expanded its enterprise customer base by 48%, including a major U.S. government contract. The company highlighted rapid market demand for its cloud-native SIEM launched in Q1 2020 and received industry accolades such as CSO naming it a hottest new cybersecurity product at RSA Conference 2020, Cyber Defense Magazine Editor’s Choice for SIEM, and Info Security Product Guide Global Excellence Silver Award for SIEM. Devo was expanding headcount across departments to meet demand and planned demonstrations at Black Hat USA 2020. The company operated in the competitive cybersecurity analytics space, targeting SOC operational challenges amid cloud migration trends.
Jun 2018Series CInsight Partners (lead); Kibo Ventures$25M-Devo, founded in 2011 in Spain and based in Boston, Massachusetts, is a cloud-native data operations and security analytics platform. The company helps enterprises manage massive volumes of disparate data and security tools across their networks, providing real-time analysis and insights. In June 2018, Devo announced a $25 million Series C funding round led by Insight Venture Partners with participation from Kibo Ventures, bringing total funding to $71 million at that time. The company positioned itself in the broader data operations and security information and event management (SIEM) market, competing against larger established players. The company later achieved significant growth, with a Series E round in 2024 at $1.5 billion valuation, at which point it had doubled revenue to serve 1,000 large enterprise customers.
Sep 2017Series BInsight Partners (lead); Kibo Ventures$35M-Devo Technology, originally founded as Logtrust in 2011 in Spain, is a cloud-native logging and security analytics company that provides data operations platforms for enterprise-scale log management, security analytics, and observability. The company relocated its headquarters to Cambridge, Massachusetts, and has grown significantly through multiple funding rounds, serving large enterprises with tools for handling massive data volumes in cloud environments. On or around September 27, 2017, Devo (then Logtrust) raised a Series B round of $35 million led by Insight Partners, with participation from Kibo Ventures. This followed an earlier $11 million Series A in January 2017 from Atlantic Bridge and others, and preceded a $25 million Series C also led by Insight Partners. Later rounds provide context: a Series E in October 2021 raised $250 million at $1.5 billion valuation led by TCV with General Atlantic, Eurazeo, and existing investors including Insight Partners and Kibo Ventures; and a Series F in June 2022 raised $100 million at $2 billion valuation led by Eurazeo. Total funding exceeds $481.5 million to $581 million across 8 rounds as of 2022. Devo has demonstrated strong growth in later years, doubling revenue and enterprise customers annually around 2021, reaching over 1,000 large customers including Sonos, AT&T, and Unisys, and surpassing 500 employees. The company positions itself against incumbents like Splunk and Sumo Logic in a multi-billion-dollar market, focusing on cloud-first analytics, FedRAMP compliance, and innovations like the autonomous SOC through acquisitions such as Kognos. Funds from later rounds supported global expansion, channel growth, product innovation, and M&A, with investors noting Devo's potential for IPO in 2-3 years from 2021.
Jan 2017Series AInvesting Profit Wisely; Kibo Ventures; Atlantic Bridge$11M--

Who has invested in Devo?

10 investors have backed Devo across its funding rounds, including Insight Partners, Kibo Ventures, Bessemer Venture Partners, Georgian, General Atlantic and Eurazeo.

Lead investors include Eurazeo, TCV, Georgian and Insight Partners.


Devo Investors

Investors in Devo by funding rounds participated
InvestorHQRoundsRoleFirst check
Kibo VenturesSpainMadrid5ParticipantJan 2017
Insight PartnersUnited StatesNew York City, NY5LeadSep 2017
GeorgianCanadaToronto3LeadSep 2020
Bessemer Venture PartnersUnited StatesSan Francisco, CA3ParticipantSep 2020
TCVUnited StatesSan Francisco, CA2LeadOct 2021
General AtlanticUnited StatesNew York City, NY2ParticipantOct 2021
EurazeoFranceFrance2LeadOct 2021
Investing Profit WiselySpainMadrid1ParticipantJan 2017

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Acquisitions by Devo

Devo has acquired 2 companies to date.

Last acquisition by Devo was on September 20th 2022. Devo acquired LogicHub for undisclosed valuation.


Latest Acquisitions by Devo

LogicHub
Kognos
Description
LogicHub is a Mountain View-headquartered company founded in 2016 that automates security operations through its Security Intelligence Automation platform, prioritizing threats with analyst-derived logic to achieve tenfold faster breach detection. The system outperforms traditional SIEM by capturing human expertise for high-risk alert triage.
Kognos is a Santa Clara-headquartered cloud platform for cybersecurity detection and response. Its XDR investigator uses AI to analyze network relationships in real-time, visualizing attack campaigns as stories for analysts. Founded in 2017, Kognos reduces dwell time for security teams in enterprises by automating forensic queries across endpoints and clouds.
HQ CountryUnited StatesUnited States
HQ City
San Francisco, CA
San Jose, CA
Deal Date20 Sep 202221 Apr 2022
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Devo Competitors

Devo competitors include listed companies like Business-intelligence and Teradata, and private ones like Horizon3.ai, Neo4j, Trulioo and Alation.

Public and private companies comparable to Devo
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Horizon3.aiUnited StatesSan Francisco, CAPrivate$30M-$2B-
Neo4jSwedenMalmoPrivate$200M-$2B10.0x
Business-intelligenceChinaChinaPublicly listed$389M$54M$2B5.9x
TruliooCanadaVancouverPrivate--$1.8B-
AlationUnited StatesSan Francisco, CAPrivate$100M-$1.7B17.0x
TeradataUnited StatesUnited StatesPublicly listed$1.7B$285M$2.7B1.5x

Devo Public Comps

Devo is still privately-owned, but its public comps include Business-intelligence, Innodata, A10 Networks, DoubleVerify, Planisware, Karooooo, Transwarp, CETC Cyberspace Security, Amplitude and Progress Software.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Business-intelligence$389M$54M6.6x5.9x47.7x-
Innodata$252M$47M6.8x5.2x36.6x22.7x
A10 Networks$291M$62M6.3x5.7x29.4x19.1x
DoubleVerify$748M$136M2.7x2.5x14.6x7.4x
Planisware$228M$78M7.3x6.7x21.5x18.4x
Karooooo$337M$148M6.3x5.7x14.3x13.8x
Transwarp$67M($31M)27.5x28.0x(59.8x)-
CETC Cyberspace Security$338M$20M4.5x-73.6x-

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Common questions about Devo

When was Devo founded?Devo was founded in 2011.
Where is Devo headquartered?Devo is headquartered in United States.
Is Devo publicly listed?No, Devo is a private, VC-backed company.
What is Devo's valuation?Devo was last valued at $2B in its Series F in June 2022.
How much funding has Devo raised?Devo has raised $481M across 6 funding rounds.
What was Devo's last funding round?Devo's last funding round was a $100M Series F in June 2022, led by Eurazeo.
Who are Devo's investors?Devo's investors include Kibo Ventures, Insight Partners, Georgian, Bessemer Venture Partners, TCV, General Atlantic, Eurazeo, Investing Profit Wisely, Isai and Atlantic Bridge.
Which companies are comparable to Devo?Companies comparable to Devo include Horizon3.ai, Neo4j, Business-intelligence, Trulioo, Alation and Teradata.
How many companies has Devo acquired?Devo has acquired 2 companies, including LogicHub and Kognos.

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