HUMIO Raises $20M and Announces its Unlimited Ingest for the Cloud Plan
New Cloud Plan Offers Unlimited Ingest and Retention of up to 1 PB
Company's 6x Increase in Revenue Demonstrates that Enterprises Recognize Humio as the Unlimited Ingest Leader
SAN FRANCISCO, March 25, 2020-- Humio, the only log management platform enabling complete observability for all streaming logs in real time, self-hosted or in the cloud, today announced it has raised a $20 million Series B investment led by Dell Technologies Capital, with participation from existing investor, Accel. The funding, which brings total investment raised to $32 million, will be used to increase the company's capabilities to keep pace with demand across global markets, and expand the development of its self-hosted and SaaS products.
The company also announced its Unlimited Ingest for the Cloud Plan. Complementing the company's current Unlimited Self-hosted Plan, the Unlimited Ingest for the Cloud Plan significantly changes the cost of scaling to massive volumes in a SaaS environment, and gives customers similar benefits as Humio's Unlimited Self-hosted Plan. Extending the platform's ease in scalability, Humio Bucket Storage seamlessly increases data storage and retention beyond 1 petabyte at industry-leading low costs, removing all constraints in handling long retention and data volumes at scale.
"Humio's next-generation log storage, analysis, and management architecture enables Global 2000 enterprises to ingest and analyze logs in real-time at a fraction of the cost of existing decades-old technologies," said Deepak Jeevankumar, managing director, Dell Technologies Capital. "Some of the world's largest enterprises are already using Humio enterprise-wide, and we are glad to aid Humio in their journey towards democratizing the log analytics world."
Log management platforms continually collect data about what's happening across a company's infrastructure, and help identify a variety of problems from application service down-time to cyber attacks. Gartner predicts that by 2021, fewer than 15% of organizations will implement holistic monitoring, putting $255 billion of investments in cloud-based solutions at risk.* Humio minimizes the challenge of sifting through the rapidly, ever-growing volume of event and data logs by enabling users to log all data — structured or unstructured — in real time and at scale. The company's modern, index-free log management solution helps organizations to understand large amounts of data, instantly pinpoint availability concerns, identify vulnerabilities in complex computing environments, and recover more quickly from incidents.
According to IDC, the worldwide IT operations management (ITOM) software market is forecast to grow at a compound annual growth rate of 6.9% during the 2019-2023 forecast period, with the public cloud-based segment growing at a much higher double-digit rate. "The market is being driven by the need to monitor, manage, and optimize systems, infrastructure, applications, and end-user experience across increasingly complex on-premise, hybrid cloud, public cloud, multicloud, and containerized deployments," said Tim Grieser, IDC Research Vice President, Enterprise System Management Software.**
"At Humio, we believe that the amount of data collected by customers should never be limited. Nearly two years ago we introduced the first Unlimited Ingest Plan for self-hosted deployments and we are thrilled to now bring the first Unlimited Ingest Plans for Cloud," said Geeta Schmidt, CEO and co-founder at Humio. "By providing the lowest total cost of ownership, industry-leading unlimited plans, minimal maintenance and training costs, and remarkably low compute and storage requirements, we've succeeded in driving rapid user adoption. Humio has experienced unstoppable momentum as seen with 550% year-over-year revenue growth, a 6.5 times increase over this time last year. The addition of Dell Technologies Capital to our existing investor, Accel, is further validation for Humio and the value we bring to customers. DTC's guidance and support will be critical as Humio continues to scale, mature, and succeed."
Humio's customers are large organizations across multiple industries including financial services, education, healthcare, communications, and cloud-based service providers such as Bloomberg, Netlify, HP Aruba, Michigan State University, SpareBank 1, and Vijilan. To further increase interoperability and performance, the company has expanded its partner ecosystem to include Optiv, Eversec, SHI, PagerDuty, Corelight, Instana, Tines, Netic, Kloia, Guidepoint, Confluent, Min.io, and many others.
"Humio's unlimited ingest empowers my team to make active decisions about changes to our system with full confidence knowing that we have all of the information, visibility, and insights necessary," said Ryan Neal, Netlify Director of Infrastructure. "When I'm able to log everything, it means that I can look at my developers and say, 'go ahead, absolutely.' That's really powerful, especially because you can't ever really go back in time and add more information. You can't say, 'I wish I knew that field.' So it's more like 'let's remove it from the developer's mind, log everything, and then potentially use it later in an effective way'."
"We're thrilled to strengthen our partnership with Humio as they're building the leading solution in this fast-growing log management market. At Accel we've been fortunate to back many of the defining developer-oriented companies and we are excited to see Humio emerge as an integral part of a modern enterprise's IT software stack," said Andrei Brasoveanu, Accel.
* Gartner, How to React to the Impact of the Cloud on IT Operations Monitoring, Padraig Byrne and Sanjit Ganguli, Updated 11 February 2020, Published 29 August 2018.
** IDC Worldwide IT Operations Management Software Forecast, 2019–2023
Humio's log management platform offers the lowest total cost of ownership, industry-leading unlimited plans, minimal maintenance and training costs, and remarkably low compute and storage requirements. Humio is the only log management solution that enables customers to log everything to answer anything in real time — at scale, self-hosted or in the cloud. Humio's modern, index-free architecture makes exploring and investigating all data blazing fast, even at scale. Founded in 2016, Humio is headquartered in London and backed by Accel and Dell Technologies Capital. For more information, visit www.humio.com and follow @MeetHumio on Twitter.
About Dell Technologies Capital
Dell Technologies Capital is the global venture capital investment arm of Dell Technologies. The investment team backs passionate early-stage founders who push the envelope on technology innovation for enterprises. Since inception in 2012, the team has sustained an investment pace of $150 million a year and has invested in more than 100 startups, 40 of which have been acquired and 5 have gone public. Portfolio companies also gain unique access to the go-to-market capabilities of Dell Technologies (Dell, Dell EMC, VMWare, Pivotal, RSA, Secureworks). Notable investments include Adallom, Arista Networks, Cylance, Docusign, Graphcore, JFrog, MongoDB, Netskope, Nutanix, Packet, RedLock, RiskRecon, TwistLock, Wavefront, and Zscaler. Headquartered in Palo Alto, California, Dell Technologies Capital has offices in Boston, Austin, and Israel. For more information visit www.delltechnologiescapital.com.
Accel is a leading venture capital firm that partners with exceptional founders with unique insights, from inception through all phases of private company growth. Atlassian, Algolia, Avito, Celonis, Cloudera, Crowdstrike, Deliveroo, DJI, Dropbox, Etsy, Facebook, Flipkart, Funding Circle, Kayak, Kry, QlikTech, Rovio, Slack, Spotify, Supercell, UIPath, and WorldRemit are among the companies the firm has backed over the past 35+ years. The firm seeks to understand entrepreneurs as individuals, appreciate their originality, and play to their strengths. Because greatness doesn't have a stereotype. For more, visit www.accel.com, www.facebook.com/accel or www.twitter.com/accel.
Venture Capital Database