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Today, observability and streaming analytics provider Coralogix announced it has raised $142 million as part of a series D funding round. The funding brings the company’s total funding to $238 million, and will enable the organization to grow its go-to-market, product, and R&D teams within the Americas, EMEA, UK and APAC.
Coralogix’s full-stack observability platform, powered by the organization’s Streama technology, has gathered lots of investor interest due to its ability to provide access to real-time assets, ML models, data transformation and alerting capabilities without relying on storage or indexing.
Lack of reliance on storage or indexing enables enterprises to generate more cost-effective insights because they don’t need to pay for extra resources.
Achieving observability in the age of complexity
The funding round comes as organizations are in dire need to reduce complexity in hybrid cloud environments, with research showing that 59% of organizations plan to optimize existing use of cloud to derive cost savings.
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Coralogix aims to support organizations that are looking to seek greater cost-efficiency in the cloud with a leaner observability solution that requires less of a resource footprint.
“The underlying architecture of the platform allows users to leverage analytics, alerting, metric generation, anomaly detection and more — all without indexing so users can optimize TCO and improve insights while reducing costs and overhead,” said Coralogix CEO, Ariel Assaraf.
At the same time, the inclusion of automatic data clustering into templates, CIDC version benchmarks, network data security and log flow alerts are all designed to maintain visibility in complex cloud environments.
“We are also focused on maintaining an open data platform so users can send any data, query using any syntax, and visualize in any dashboard. This helps to facilitate onboarding and widespread adoption in any organization with no vendor lock-in,” Assaraf said.
A look at the observability market
The funding announcement comes as the AIops and cloud observability market is estimated to be worth $17 billion per year, as more organizations are looking for solutions to gain visibility over complex modern architecture.
Coralogix is competing against a number of established providers, including Datadog, a cloud-monitoring-as-a-service solution, which offers a mix of log management, security monitoring, network monitoring, synthetic monitoring and real-user monitoring capabilities.
Datadog is also a Gartner Magic Quadrant Leader in application performance monitoring solutions, and recently announced raising $1.03 billion in revenue last year.
Another competitor is Dynatrace, an observability platform that combines infrastructure monitoring with applications and microservices monitoring, application security capabilities, business analytics and cloud automation. Dynatrace recently announced it has raised $930 million in annual recurring revenue.
However, Assaraf argues that Coralogix’s lack of reliance on storage or indexing is what differentiates it from competitors.
“Unlike other solutions in the market, the Coralogix technology allows users to get insights on their data without relying on storage or indexing, which enables better performance, better stability, and advanced TCO optimization with transparent and predictable costs,” Assaraf said.
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