Mumbai: Israeli analytics startup Coralogix’s $55 million fundraise will give a major boost to its growth plans in India.
It has raised $55 million in Series C funding led by Greenfield Partners and others. The startup has a strategic 5-year growth plan in India that includes customer support with local server and data storage capabilities and compliance with Indian data privacy laws.
Red Dot Capital Partners, StageOne Ventures, Eyal Ofer’s – O.G. Tech, Janvest Capital Partners, Maor ventures, and 2B Angels also participated in the latest funding round. With the $55 million fundraise, Coralogix’s total fundraising is $96 million.
It had raised $25 million in Series B funding round co-led by Red Dot Capital Partners and O.G. Tech VC (backed by Eyal Ofer) in October 2020.
In August 2020, Coralogix had revealed its strategic expansion plan in India with a $30 million outlay in the next 5 years. As part of the plans, the startup is currently looking to invest in India, expand its onsite team to provide comprehensive sales and customer support to India-based companies.
Already, Coralogix has set up a new Amazon Web Services (AWS) Mumbai region offering superior server support and data storage capabilities to its India-based customers.
The tech startup has scaled its servers by over 1000% with localized data processing reaching a rate of 100 billion events a day. This has enabled it to offer efficient services to some of the biggest tech companies across the country.
The startup is also eyeing to aggressively expand its market footprint across India offering best-in-class localized support infrastructure to global enterprises.
“India is a significant market for Coralogix packed with huge opportunities. India’s data privacy laws mandating data localisation is a big stride in the current era of digital revolution across businesses and administration,” said Ariel Assaraf, CEO – Coralogix.
“We aim to assist companies comply with the country’s data privacy laws whilst offering best in class localized support infrastructure,” added Assaraf.
The latest funding round comes on the heels of a momentous year for Coralogix. In the last quarter, Coralogix experienced 250% Y-o-Y growth and more than doubled its paying customer base to over 2000. It will infuse new capital to extend the platform beyond observability towards a comprehensive storage-free data solution.
“The dramatic shift in digital transformation is generating an explosion of data, which until now has forced enterprises to decide between cost and coverage,” said Shay Grinfeld, Managing Partner – Greenfield Partners.
Grinfeld pointed that Coralogix’s real-time streaming analytics pipeline employs proprietary algorithms to break this tradeoff and generate significant cost savings.
“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,” added Grinfeld.
“Our mission is to make raw data obsolete. This round of funding will help us further our storage-free vision, supporting the exponential nature of software,” said Yoni Farin, CTO – Coralogix.