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. Read the announcement ↗
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 Technology, a cloud-native logging and security analytics company formerly known as Logtrust, announced a $100 million Series F funding round on June 2, 2022, at a valuation of $2 billion. Eurazeo led the round, with participation from existing investors Insight Partners, Georgian, TCV, General Atlantic, Bessemer Venture Partners and Kibo Ventures, and ISAI also took part. The round followed a $250 million Series E led by TCV in October 2021 at a $1.5 billion valuation, bringing total funding to roughly $481 million over eight rounds. Proceeds were intended to extend the company's product lead in security operations and log analytics, expand go-to-market capacity and support international growth. Eurazeo's managing director joined the Devo board as part of the investment. The company is a privately held, venture-backed software provider that sells a cloud platform for real-time collection, analysis and retention of machine data to security operations and IT teams, and had reported nearly 100 percent year-over-year revenue growth in 2021. |
| 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 | - | Georgian led a $60 million Series D funding round in Devo Technology in September 2020, with participation from Bessemer Venture Partners and existing investor Insight Partners. The round was announced on September 15, 2020 and brought total funding to $131 million. The company said the capital would fund investment across research and development, sales and its partner program. The announcement coincided with a leadership change, as Marc van Zadelhoff, a former head of IBM Security, became chief executive, succeeding Walter Scott, who became chairman of the board. Devo Technology is a cloud-native data analytics and security company whose Devo Security Operations product is a next-generation SIEM built to address the scalability, analytics, automation and cost problems of legacy SIEMs. In the second quarter of 2020 it reported record quarterly revenue with 80% year-over-year growth and grew its enterprise customer base by 48%, including a major U.S. government contract. Its cloud-native SIEM launched in the first quarter of 2020 and was named among the hottest new cybersecurity products at RSA Conference 2020. |
| 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 | - | Insight Venture Partners led a $35 million Series B financing in Logtrust, now Devo, announced in late September 2017, with participation from existing investor Kibo Ventures. Insight co-founder and managing director Jeff Horing joined the company's board. The round followed an $11 million raise earlier in 2017. Logtrust was founded in Madrid in 2011 and had opened offices in Silicon Valley. The company provides a cloud-based platform for collecting, storing and analysing machine and log data at large scale for enterprise customers, covering log management, security analytics and operational monitoring. The company later renamed itself Devo and moved its headquarters to Cambridge, Massachusetts. Insight said it backed the company to support its expansion in the United States. |
| 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
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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 Red Violet, 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 | ||
| Private | - | - | $1.8B | - | ||
| Private | $100M | - | $1.7B | 17.0x | ||
| Publicly listed | $392M | $54M | $1.7B | 5.5x | ||
| Publicly listed | $90M | $24M | $1.3B | 11.9x |
Devo Public Comps
Devo is still privately-owned, but its public comps include Karooooo, Planisware, DoubleVerify, Amplitude, Progress Software, A10 Networks, Secunet, Business-intelligence, Shanghai DZH and CETC Cyberspace Security.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $329M | $145M | 6.3x | 5.5x | 14.3x | 13.4x | |||
| $221M | $75M | 8.4x | 7.5x | 24.6x | 20.5x | |||
| $748M | $136M | 2.6x | 2.5x | 14.5x | 7.3x | |||
| $343M | ($76M) | 5.8x | 5.0x | (26.4x) | 116.7x | |||
| $978M | $302M | 3.1x | 2.9x | 9.9x | 7.5x | |||
| $291M | $62M | 5.7x | 5.1x | 26.6x | 16.8x | |||
| $513M | $84M | 3.5x | 3.2x | 21.3x | 19.7x | |||
| $392M | $54M | 6.1x | 5.5x | 43.9x | - | |||
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, Trulioo, Alation, Business-intelligence and Red Violet. |
| How many companies has Devo acquired? | Devo has acquired 2 companies, including LogicHub and Kognos. |
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