App log analysis service Loggly launches “Generation 2”
Of all the things that have been moving into “the cloud” over the past few years, intensive real-time processing of auto-generated data surely makes the most sense. Loggly is one of many companies providing cloud-based log management services, but despite its youth, its already making waves.
The two-year-old startup, which sports a beanie-clad cartoon beaver as its mascot, this week announced the closing of a $10m funding round. It also took the opportunity to release a “Generation 2” service with a refreshed UI, additional tools for drilling through datasets, and a “dramatically simplified” log capture process.
Loggly’s highest-profile client to date is Obama for America, the campaign team behind President Obama’s successful re-election, who used the service to track the performance of their considerable IT operations. In fact, OFA CTO Harper Reed has publicly spoken about his fondness for the service, providing the lead testimonial on Loggly’s site.
That’s not all: the company now claims to have grown an impressive 500% over the past twelve months, and now boasts more than 3,500 paying customers. It’s no wonder, then, that the two-year-old company has attracted the attention of Silicon Valley’s investment crowd.
The current funding round sees an investment of $10.5 million in new capital from Trinity Ventures, True Ventures and Matrix Partners, as well as new investors Data Collective and Cisco. Together, the five VCs topped up total venture financing to $20.9 million.
Trinity has previously invested in another data-crunching tool, application lifecycle management software New Relic. However, the more direct competitors are Sumo Logic and Splunk, which both also have cloud-based products (although Splunk is tied in part to its older desktop software).
Both are formidable foes for Loggly with considerably more cash in the bank. Sumo Logic has raised over $50m in VC funding, and Splunk is a publicly traded company – so it remains to be seen if upstart Loggly can prevent its growth from being stunted.