Fast-growing data company raises $9 million
Data management company Humio has raised $9 million as it plots to build upon its exponential growth.
The London firm said its recent 13-times increase in annual revenue demonstrates that developers, IT and security operations teams have identified it as the leading solution to troubleshoot issues across a business instantly.
The funding round, led by Accel, will be used to grow the company's ability to fulfil demand from across global markets and expand the development of its platform.
"As companies adopt complex computing environments, the struggle of gaining live insights based on real-time data is a massive challenge,” said CEO Geeta Schmidt.
“Our platform is purpose-built for today's modern environments. We are thrilled with the vast user enthusiasm received, rapid customer adoption, and deployment in many Fortune 500s, all of which contributed to our annual revenue increasing by over 13x this past year.
"Accel is a veteran investor with a successful history in software. Their support is a strong endorsement and will be critical as we accelerate our growth globally."
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Modern enterprises building software applications increasingly need full visibility of their entire system's behaviour to immediately investigate and address issues. This requires instantly viewing and searching all data and metrics, regardless of where the application is hosted.
Humio instantly collects large volumes of log data and metrics, empowering all users to immediately understand, analyse and troubleshoot anything from performance concerns to security threats.
Its customers are large organisations representing numerous industries including financial services, online retail, communications and cloud-based service providers such as Bloomberg, Microsoft, Netlify, Lunar Way, SpareBank 1, On the Dot, and Logibec.
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"Humio is completely rethinking how modern logging works to meet current customer environments, on-prem or in the cloud, and users have been won over quickly by how delightful the solution is to use,” said Andrei Brasoveanu, Accel, who will join the company’s board.
“This immediate adoption by the DevOps community shows how Humio is uniquely positioned to meet the growing needs of today's developers, providing a highly effective and better value solution.
"We look forward to partnering closely with Humio to help drive further growth across the globe."