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
Website
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
| Date | Stage | Valuation |
|---|---|---|
| Jun 2022 | Series F | $2B |
| Oct 2021 | Series 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
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2022 | Series F | Eurazeo (lead); Georgian; Bessemer Venture Partners; Isai; TCV; Kibo Ventures; General Atlantic; Insight Partners | $100M | $2B | Devo, 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 2021 | Series E | TCV (lead); Georgian; Bessemer Venture Partners; Kibo Ventures; General Atlantic; Eurazeo; Insight Partners | $250M | $1.5B | Devo 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 2020 | Series D | Georgian (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 2018 | Series C | Insight 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 2017 | Series B | Insight 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 2017 | Series A | Investing 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 5 | Participant | Jan 2017 | ||
| 5 | Lead | Sep 2017 | ||
| 3 | Lead | Sep 2020 | ||
| 3 | Participant | Sep 2020 | ||
| 2 | Lead | Oct 2021 | ||
| 2 | Participant | Oct 2021 | ||
| 2 | Lead | Oct 2021 | ||
| 1 | Participant | Jan 2017 | ||
This data is available for Pro users. Sign up to see all 10 Devo investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions 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
| 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 Country | ||
| HQ City | San Francisco, CA | San Jose, CA |
| Deal Date | 20 Sep 2022 | 21 Apr 2022 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Devo acquisitions and their M&A valuation multiples. Start Free Trial | ||
Devo Competitors
Devo competitors include listed companies like Business-intelligence and Teradata, and private ones like Horizon3.ai, Neo4j, Trulioo and Alation.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $30M | - | $2B | - | ||
| Private | $200M | - | $2B | 10.0x | ||
| Publicly listed | $389M | $54M | $2B | 5.9x | ||
| Private | - | - | $1.8B | - | ||
| Private | $100M | - | $1.7B | 17.0x | ||
| Publicly listed | $1.7B | $285M | $2.7B | 1.5x |
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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $389M | $54M | 6.6x | 5.9x | 47.7x | - | |||
| $252M | $47M | 6.8x | 5.2x | 36.6x | 22.7x | |||
| $291M | $62M | 6.3x | 5.7x | 29.4x | 19.1x | |||
| $748M | $136M | 2.7x | 2.5x | 14.6x | 7.4x | |||
| $228M | $78M | 7.3x | 6.7x | 21.5x | 18.4x | |||
| $337M | $148M | 6.3x | 5.7x | 14.3x | 13.8x | |||
| $67M | ($31M) | 27.5x | 28.0x | (59.8x) | - | |||
| $338M | $20M | 4.5x | - | 73.6x | - | |||
This data is available for Pro users. Sign up to see all Devo competitors and their valuation data. Start Free Trial | ||||||||
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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