Series B financing for Loggly nets USD10.5 million
The most popular cloud based log managemet system, Loggly, had received USD10.5 million in capital investments from high profile firms to support the growth of the company. These investors include Matrix Partners, Trinity Ventures and True Ventures.
The new investments increased the total venture capital financing of the firm to USD20.9 million, with previous funding received from major industry players such as Cisco and Data Collective Venture Capital as well as other big data firms such as MemSQL, Square and Couchbase.
The trend nowadays is for companies and organizations to utilize the cloud for their business purposes. Services such as e-Commerce, gaming, mobile advertising, SaaS and others use cloud technology heavily as well as its accessory infrastructure for operations purposes. These transactions create large amounts of log data each day, which Loggly participates in to provide optimal systems services leading to better overall business performance. The central technology is the Responsive Log Management platform, currently being used by companies such as Electronic Arts, Intuit, Samsung and Uber, to name a few.
According to Loggly CEO Charlie Oppenheimer, "Processing log data is the first big data problem that every cloud-centric organization faces, whether they are a pure play Internet company or a division of a large diversified company. These organizations know that rapidly recognizing insights from log data is critical to maintaining a world-class operation. Yet they also know that developing or running their own log management systems saps valuable resources away from their core business focus. Combine this with the obvious pedal-to-the-metal growth of these customers, and it's easy to recognize what an extraordinary opportunity we have in front of us."