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Devo Technology Raises $60 Million, Names New CEO

Devo Technology, a company that provides data analytics and security solutions, announced on Tuesday that it has raised another $60 million and that M

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Devo Technology, a company that provides data analytics and security solutions, announced on Tuesday that it has raised another $60 million and that Marc van Zadelhoff has been appointed its chief executive officer.

The $60 million that Devo raised in this Series D round brings the total secured by the company to $131 million. The latest funding round was led by Georgian, with participation from Bessemer Venture Partners and Insight Partners.

Devo told SecurityWeek that it will use the money to continue its growth in the cybersecurity market.

“This includes investment across all aspects of the business, including R&D, Sales, and aggressively building out our partner program,” the company said. “Our fast-growing global presence has Devo represented across the U.S., UK, and Spain, and with this new investment comes new opportunities to increase our global footprint as an innovator in data analytics and security.”

Prior to joining Devo, Van Zadelhoff served as LogMeIn’s chief operating officer and general manager of IBM Security. Van Zadelhoff replaces Walter Scott, who will become chairman of Devo’s board of directors.

“Walter has done an outstanding job leading Devo, building an exceptional customer base, and solidifying the company’s competitive advantage,” said Van Zadelhoff. “With Devo, organizations implementing security analytics and log management platforms no longer have to make compromises on speed, or struggle with scalability limitations or price constraints. Devo is cloud native, affordable, scalable, cloud agnostic and fast as hell. These are advantages that customers are dying to have and it made me want to be part of Devo. I know we have the team and the technology in place to build a company for the history books.”

Devo has developed a data analytics platform that has a wide range of use cases, including threat detection, threat hunting, incident investigations, centralized log management, monitoring, and IT operations.

The company claims to have seen an 80 percent year-over-year growth in the first half of 2020, and pointed out that it was recently awarded a $9.5 million contract by the U.S. Air Force for SIEM technology.

Related: Machine Data Analytics Firm Sumo Logic Raises $110 Million

Related: Cyberhaven Raises $13 Million in Series A Funding

Related: Cybereason Raises an Additional $200 Million in Funding

Eduard Kovacs (@EduardKovacs) is a contributing editor at SecurityWeek. He worked as a high school IT teacher for two years before starting a career in journalism as Softpedia’s security news reporter. Eduard holds a bachelor’s degree in industrial informatics and a master’s degree in computer techniques applied in electrical engineering.

Previous Columns by Eduard Kovacs:
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