Logentries Raises $10 Million and Names SaaS Veteran Andrew Burton as CEO
October 1, 2013
Grazed from GlobalNewsWire. Author: PR Announcement.
Logentries, a new cloud-based service provider for collecting and analyzing huge quantities of machine-generated log data, has received $10 million in Series A financing and has named Andrew Burton as president and CEO. Unlike costly log management alternatives that require advanced technical skills to use, Logentries utilizes a unique collective intelligence model to transform otherwise difficult-to-consume log data into actionable business and operational insights. Logentries will use the funds to accelerate product development and aggressively drive a go-to-market strategy. The financing round was led by Polaris Partners, along with Floodgate, Frontline Ventures, and RRE Ventures. Floodgate is a new investor joining the other firms that provided $1 million seed money in 2012.
"With big data transforming businesses of all kinds, Logentries lets customers focus on the data that matter most – the less than 1% of log entries that contain the game-changing information that’s hidden among the other 99%," said Andrew Burton, president & CEO, Logentries. "I’m excited to join the Logentries team where our goal is to harness the power of log data and make it accessible to anyone."…
According to IDC, the volume of digital data is expected to reach 7.9 trillion gigabytes in 2015, with 90% of digital data generated by machines. With the vast majority of this data unstructured and velocity expected to increase 30% per year through 2015, creating a $16.9 billion market, traditional approaches that require users to setup complex systems, learn advanced query languages and manually attempt to find important information are quickly becoming antiquated strategies.
"Machine-generated log data is an important and fast-growing part of the move to harness big data to help improve business and IT operations," said Dave Barrett, general partner of Polaris. "Rather than attempting to manage the ever-increasing amounts of logs and raw log data, Logentries focuses on finding and extracting the individual events that matter most, allowing anyone at any level to ‘mine for log data gold.’"
Logentries, built on decades of advanced academic research and in collaboration with IBM and leading European innovation centers, is powered by a simple premise that the business and operational value of log data is found in specific, individual entries hidden within logs. These log entries represent tremendous value to developers, IT operations personnel, and business analysts, but remain largely buried, among the millions or billions of other log events contained in a log file.
"Until now, log management and machine data analysis has been complicated and costly – requiring a data expert," said Logentries co-founder and chief research officer, Dr. Trevor Parsons. "Logentries not only focuses on making log data simply accessible to anyone, from marketing managers to software developers, but also creating actionable insights from system data to increase operational performance and user productivity. "