Devo Technology Announces $ 100 Million Funding to Develop Autonomous SOC

We are excited to return Transform 2022 in person on July 19 and in practice on July 20-28. Join AI and data leaders for insightful conversations and exciting networking opportunities. Register today!

Today, log file and security analysis provider Devo Technology announced that it has raised $ 100 million as part of a series of F-Series funding and achieved a valuation of $ 2 billion. The global investment company Eurazeo has led the circle and the organization intends to use the fund to stimulate its growth and accelerate its vision for the “autonomous SOC”.

The Devo platform provides businesses with a cloud-based security logging and analysis solution that integrates with a suite of custom security applications, IT operations, and machine learning applications, along with the organization’s Devo Exchange application market.

For businesses, the solution has the potential to provide visibility on risks in cloud and local environments so that they can gain an understanding of real-time exposure in complex hybrid cloud environments.

Maintain visibility above the attacking surface

The announcement comes as security teams are constantly struggling to provide a rapidly growing surface area for attack.

Research shows that 70% of SOC analysts report that their home life is emotionally affected by overloaded signals of IT threats, with 55% admitting that they are not confident in their ability to prioritize and respond to them.

Devo aims to support these teams through real-time visibility analysis.

“Cybersecurity requires you to combine real-time streaming with massive data analysis. Devo has built the most scalable and cost-effective security analysis platform in the industry to meet this need, something inherited solutions have failed to address, ”said Devo CEO Mark van Zadelhof.

“A typical CISO or SOC has 200 security tools from 40 different vendors, but one they look at every day is Devo, because Devo brings everything together – Devo takes petabytes of data, analyzes it and displays it in a way that shows SOC what it really is. it happens in real time, “said Zadelhof.

Cloud monitoring and log file management

In many ways, Devo is competing with the traditional journal management market, which researchers estimate at $ 2.3 billion in 2021 and expects to reach $ 4.1 billion by 2026 as organizations try to provide a growing number of potential access points and endpoints.

The organization competes with some established providers, including Splunk, which provides a data analysis platform with full visibility of public cloud status and performance, application services, data centers, third-party tools and peripheral infrastructure.

Last year, Splunk received a $ 1 billion investment from Silver Lake and reportedly generated total revenue of $ 901 million.

Another key competitor is IBM QRadar, an XDR package that offers security analysis for security teams with automatic root cause analysis, automated triage and contextual intelligence to expedite security analysts’ investigations into security incidents.

IBM recently announced revenue of $ 16.7 billion in the fourth quarter of 2021.

However, Zadelhoff says the speed and scale of Devo Technology in the cloud is one of the key factors that sets it apart from other solutions, and the organization now uses Kognos to conduct automated threat investigations to speed up the resolution of any problems.

The mission of VentureBeat is to be a digital city square for technical decision makers to gain knowledge of transforming corporate technologies and transactions. Learn more about membership.

Leave a Comment