[Funding] Israel-based Coralogix raises $25M from in Series B funding

Israeli startup Coralogix provides ML-power log analytics and monitoring solution. Today, it announced that it has raised a $25 million in Series B funding round. This has brought the company's total funding to $41.2 million. New investors such as Red Dot Capital Partners and O.G. Tech VC (backed by Eyal Ofer) co-led the round with participation from existing investors Aleph VC, StageOne Ventures, Janvest Capital Partners, and 2B Angels.

Meanwhile, Barak Salomon of Red Dot Capital Partners and Roy Oron of O.G. Tech Partners will join the board of directors. The company also announced the launch of its real-time analytics solution. The announcement comes on the heels of Coralogix’s recent expansion into India. The company recently established its office and operations in the region and provides local customers with local Amazon Web Services (AWS) regional server support and data storage capabilities. The funding and new analytics solution will help further establish Coralogix's local presence and help better support its local customers.

Talking about the startup, Ariel Assaraf, CEO and co-founder, Coralogix says,

“Over the last few years, companies have had to forgo observability due to prohibitive costs. As a result, monitoring and log management has become increasingly difficult; not to mention it has forced companies to compromise on stability and security. By creating a real-time pipeline that analyzes and queries logs using the Elasticsearch syntax, and powering it with our ML engine, our customers can benefit from all the great visualization and alerting capabilities Elasticsearch offers without its limitations and massive storage costs.”

Already thousands of Coralogix customers are seeing cost savings of up to 70 per cent. It includes leading Indian companies such as BookMyShow, Postman, Jupiter Money and CRED.

“We’ve integrated the Coralogix webhooks with our Kubernetes deployments to automatically tag new versions as they’re deployed,” 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.

A quick review of the platform from industry leaders

The newly launched analytics solution challenges the cost model of observability. It allows customers to pay according to data priority instead of solely on volume. By re-engineering the Elasticsearch engine, Coralogix is able to offer queries, alerts, and its ML capabilities without the use of storage.

"Coralogix gives us a highly customizable SIEM solution. It addresses the very specific needs of our FinTech environment," said Jayesh Sidhwani, Vice President of Engineering, Jupiter Money.

“As an organization that caters to 10 million users, Coralogix has scaled to meet our accelerated growth seamlessly. It has demonstrated extreme focus on their customers' needs,” said Shamasis Bhattacharya, Chief Software Architect, Postman.