Data company Coralogix announced on Thursday that it has raised $55 million in a Series C funding round, bringing the company’s total amount raised to $96 million. New investor Greenfield Partners led the round with participation from Red Dot Capital Partners, StageOne Ventures, Eyal Ofer’s - O.G. Tech, Janvest Capital Partners, Maor ventures, and 2B Angels.
Coralogix has developed a stateful streaming data platform for engineering teams, providing insights and trend analysis with no reliance on storage or indexing.
“The exponential growth of data is preventing companies from achieving full coverage,” said Ariel Assaraf, CEO of Coralogix. “We address this challenge through our stateful streaming analytics technology, which enables our users to decide how their data goes through our processing pipelines, enabling storage-free insights."
This round comes on the heels of Coralogix almost tripling in YoY growth and more than doubling its paying customer base to over 2,000. The company will use the new capital to extend their platform beyond observability towards a comprehensive storage-free data solution.
“Coralogix’s real-time streaming analytics pipeline employs proprietary algorithms to break this tradeoff and generate significant cost savings," said Shay Grinfeld, Managing Partner at Greenfield Partners. "Coralogix has built a customer roster that comprises some of the largest and most innovative companies in the world. We’re thrilled to partner with Ariel and the Coralogix team on their journey to reinvent the future of data observability.”
Coralogix was founded by Assaraf and Yoni Farin and employs 100 people in its offices in Tel Aviv, London, San Francisco and Mumbai.