Security analytics startup Devo Technology just announced it closed on a $250 million Series E — a big jump from the $60 million Series D it closed on about a year ago. TCV led the round, with participation from several big names in venture capital like General Atlantic, Insight Partners and Bessemer Venture Partners.
Over the last decade, Devo has built a cloud-based platform that helps companies manage their data, automating certain processes with machine learning. It also has several cybersecurity features to make sure this data is protected. Today, the company counts major brands like H&R Block, Ulta Beauty and FanDuel among its users.
This fresh funding caps off a year of nearly 100 percent year-over-year revenue growth for Devo Technology, and brings its valuation to more than $1 billion — a milestone that CEO Marc van Zadelhoff attributes to a “a huge market, great technology, and an incredible team.”
“Security analytics is in such high demand because it is the heartbeat of an organization’s security operations center,” van Zadelhoff told Built In via email. “Devo’s scale, the analytics we offer, and the economics we offer allow us to solve a particular problem that legacy technology in our space hasn’t been able to solve.”
Indeed, with companies the world over ramping up their digital footprints as they continue to shift into hybrid work, cybersecurity has become a major area of interest for businesses and investors alike. Snyk and BitSight and Transmit Security are just a few other recent standouts.
Meanwhile, Devo will use this latest mega-round to expand into new regions and markets to keep up with this surge in demand. Van Zadelhoff also says the startup plans to grow its Cambridge-based team by 60 percent over the next year, with dozens of open tech positions available now.
