Devo raises $100M at $2B valuation for its AI-powered cybersecurity platform

Devo raises $100M at $2B valuation for its AI-powered cybersecurity platform

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Cybersecurity provider Devo Technology Inc. today announced that it has closed a $100 million funding round at a $2 billion valuation.

The investment was led by Paris-based investment firm Eurazeo. All of Devo’s existing backers participated as well along with ISAI Cap Venture, a fund that makes startup investments on behalf of technology services giant Capgemini SE.

“Security teams are facing more threats than ever — regardless of industry or geography,” said Devo Chief Executive Officer Marc van Zadelhoff. “That challenge is compounded by the difficulty of hiring and retaining talent, a lack of visibility into the full attack surface, and the speed and scale necessary to keep up with not just growing threats, but the growth of their organizations.”

Cambridge, Massachusetts-based Devo provides a cybersecurity platform geared toward large enterprises. The platform continuously collects data about the cloud resources, software containers and other assets in a company’s technology environment. Devo then uses machine learning to scan the collected information for signs of malicious activity.

The more systems there are in a corporate network, the more system data is generated. Some large enterprises must process terabytes of information every day or more as part of their breach detection efforts, which can be technically challenging. Devo says that its platform simplifies breach detection for companies with complex technology environments that generate a lot of data.

According to Devo, its platform can collect upwards of hundreds of terabytes of information per day. It’s capable of ingesting logs, metrics and logs, the three most common types of system data that companies use to detect breach attempts.

Cybersecurity platforms use the system data they collect in different ways. The data is used to generate breach alerts and to power dashboards that track important developments. Additionally, many products enable administrators to run queries on system data to find information about hacker activity. 

Often, administrators can’t search system data for breach indicators right away, but must first wait until the cybersecurity platform they use completes a process known as indexing. Applications perform indexing to organize data for easier analysis. This task can take a significant amount of time, which creates delays that have the potential to slow a company’s breach remediation efforts. 

Devo says that its platform performs indexing more efficiently than other products. The result, according to the startup, is that customers can respond to breaches faster. This speed increase is particularly valuable for large enterprises that collect a lot of system data: The more data there is to ingest, the more time the indexing process usually takes.

Devo also promises to speed up the queries that administrators run on system data to find clues about a breach. Devo’s platform can split the computations necessary to carry out a query across a large number of programs dubbed query engines. The query engines carry out the computations in parallel rather than one after one another, which speeds up processing.

Breaches are sometimes detected weeks or months after hackers first gain access to the corporate network. To gain a full understanding of a cybersecurity incident, administrators must analyze the system data that was generated when the breach began. Devo can store historical system data on high-speed storage hardware for up to 400 days to help administrators quickly run queries.

According to Devo, the number of organizations using its platform nearly doubled in 2021. The startup detailed that revenue nearly doubled as well, but it didn’t disclose absolute numbers.

The new round will enable the startup to accelerate growth initiatives. The startup plans to grow its presence in the Asia-Pacific region and the public sector. Additionally, Devo indicated that it may use some of the funding for acquisitions. 

Image: Devo

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