Venture Capital News: LogDNA Nabs $25M Series C Round
MOUNTAIN VIEW, CA, LogDNA, the leading log management solution for DevOps teams, announced today that it has closed a $25 million series C round of funding.
Led by existing investor Emergence Capital with participation from prior investors Initialized Capital and Providence Equity and new investors TI Platform Management, Radianx Capital, Top Tier Capital Partners, and Trend Forward Capital, the round brings the company's total funding to date to $60 million. The investment will fuel all areas of the company which has experienced 2.6X annual recurring revenue (ARR) growth over the last 12 months.
"Our investment in LogDNA reflects our strong confidence in its business model and the future of log management, which we see as a critical technology with considerable opportunities in the enterprise market," said Joe Floyd, General Partner, Emergence Capital. "These reasons along with its strong go-to-market partnership with IBM made it an attractive investment for us. We look forward to working with the LogDNA leadership team as the company enters its next phase of growth."
Strategic Expansion of the Executive Team
Today, LogDNA also announced Tucker Callaway as CEO. Callaway joined LogDNA as President and Chief Revenue Officer in January 2020 and has played a vital role in the company's recent growth and established the foundation for future revenue streams and go-to-market strategies. Co-founder and current CEO, Chris Nguyen, will transition to the role of Chief Strategy Officer, where he will focus on the company's partnerships and industry vision. Additionally, Sven Delmas, most recently SVP of Engineering at DataStax, has joined LogDNA as VP of Engineering.
"Since joining LogDNA, I've been impressed by the leadership team, technology, and our ability to simplify complex customer problems. It is clear there is a large unmet opportunity to address the intersection of enterprise DevOps and log management needs. This new round is validation of our vision and innovation," said Callaway. "Organizations are looking for new solutions to leverage their data in a way that makes sense for their modern workflows. I'm excited to continue working with our passionate team to execute on this strategy and evolve how developers derive value from their log data."
"Having worked closely with Tucker over the last six months, we know that he has the experience, skillset, and passion to lead LogDNA to great heights," said Nguyen. "My co-founder, the Board of Directors and I are all super excited to have Tucker take the torch as CEO as we embark on the next chapter of our journey. I look forward to focusing my energy and passion as Chief Strategy Officer, overseeing all product partnerships and business development initiatives."
The Future of Log Management
LogDNA is a centralized log management solution that empowers DevOps teams with the tools that they need to develop and debug their applications with ease. LogDNA helps users leverage their data to better understand the overall health of their systems and identify trends at scale.
This year alone, LogDNA was featured on the Forbes Top 25 Enterprise Software Startups to Watch in 2020 list, the Forbes Cloud 100 Rising Stars list, the Enterprise Tech 30 list, the 10 Hottest Cloud Startups of 2020 list, and received the IBM Cloud Embed Excellence Award.
LogDNA is a centralized log management solution that empowers DevOps teams with the tools that they need to develop and debug their applications with ease. LogDNA's innovative features put users in control of their data, allowing them to gain valuable insights from their logs. For more information, visit LogDNA.com.
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