Cribl, the US-based data observability software developer, raised $200m yesterday in a series C round that featured financial services group Citi and cybersecurity technology provider CrowdStrike.
Venture capital firms Greylock and Redpoint Ventures co-led the round, which included Sequoia Capital, IVP and CRV. Citi made its investment through its corporate venturing arm, Citi Ventures.
Founded in 2017, Cribl provides a software platform called LogStream which allows enterprise customers to get a better view of their entire data stream through a unified data pipeline, thereby reducing the cost of associated data analytics and vendor lock-in.
Cribl claims its technology is seven times more efficient than the current alternatives while using fewer resources. The latest round brings its total funding to $254m and valued it at $1.5bn, a source told TechCrunch.
The company closed a $35m series B round in October 2020 led by Sequoia Capital and backed by CRV, launching its LogStream product at around the same time. In April 2020, it raised $7.4m from undisclosed investors, according to a regulatory filing.
Clint Sharp, chief executive and co-founder of Cribl, said: “Enterprises today are caught between the mythical ideal of a single pane of glass for all data insights, and the harsh reality that they have to install agents everywhere they want to observe data.
“Cribl, our customers and investors recognise there is a better way – to create a unified data pipeline, with the same agents across security and operations, that allows enterprises to maximise the value of their existing investments.
“This is not a ‘better’ or ‘faster’ version of what is in the market – it is an entirely new, open architecture for observability.”
