Israel-based Coralogix raises $25mn to boost presence in India
Israel-based tech company Coralogix that recently announced to expand its operations in India on Thursday announced it has raised $25 million in Series B funding, bringing the company’s total amount raised to $41.2 million.
The provider of leading machine learning (ML)-powered log analytics and monitoring solution, the company in August announced a strategic expansion into India to provide its customers with local Amazon Web Services (AWS) regional server support and data storage capabilities.
According to the company, thousands of Coralogix customers, including BookMyShow, Postman, Jupiter Money and CRED, are seeing cost savings of up to 70 per cent after deploying its solutions.
New investors such as Red Dot Capital Partners and O.G. Tech VC (backed by Eyal Ofer) co-led the Series B funding round with participation from existing investors.
Coralogix also announced the launch of its real-time analytics solution.
“Over the last few years, companies have had to forgo observability due to prohibitive costs,” said Ariel Assaraf, CEO and co-founder, Coralogix.
“As a result, monitoring and log management has become increasingly difficult, not to mention it has forced companies to compromise on stability and security”.
The new analytics solution challenges the cost model of observability by allowing customers to pay according to data priority instead of solely on volume.
By re-engineering its “Elasticsearch” engine, Coralogix is able to offer queries, alerts, and its ML capabilities without the use of storage.
“We’ve integrated the Coralogix webhooks with our Kubernetes deployments to automatically tag new versions as they’re deployed,” said Pranav Kapoor, DevOps Lead, BookMyShow.
“I love that I can archive logs to an S3 bucket for later retrieval without affecting the daily quota,” he added.