News
Devo Announces $100 Million Funding Round Led by Eurazeo
June 2022 by Marc Jacob
Devo Technology announced $100 million in Series F funding at a valuation of $2 billion. Eurazeo—a leading global investment firm with over $30 billion in assets under management—led the round, and all other existing investors—Insight Partners, Georgian, TCV, General Atlantic, Bessemer Venture Partners, Kibo Ventures—also participated. Additionally, ISAI Cap Venture provided a strategic investment in the round. The round brings the total capital raised to more than $500 million. The new funding will fuel growth in new regions and verticals, accelerate Devo’s delivery of the “autonomous SOC” and fund potential new M&A expansion.
The funding round comes on the heels of Devo’s acquisition of Kognos, the AI-powered threat hunting pioneer, which marked a key step in delivering what Devo calls the autonomous SOC— complete visibility, automation, analytics, and open access to community expertise and content.
Devo will continue to drive expansion in new verticals and geographies, particularly the public sector and the Asia-Pacific (APAC) region. In February, Devo announced it was designated as Federal Risk and Authorization Management Program’s (FedRAMP) “In-Process” and expects to reach full authorization in the fall of 2022. Devo has also seen substantial growth in the APAC region, including adding energy provider Powerco as a customer and deploying an in-region AWS environment for customers and partners.
The round comes as Devo closes out an impressive fiscal year of aggressive growth, including:
• Nearly 100% annual revenue growth
• Nearly 100% customer growth for the year, including Sonos, AT&T, and Unisys
• Achieving FedRAMP “In-Process” status, and adding public sector customers including Ivy Tech Community College and Oklahoma University
• Surpassing 500 employees across North America, Europe, and APAC, including 91 new hires so far in 2022
• Acquisition of Kognos, an AI-powered security automation innovator
• Launch of Devo Exchange, a community-based application marketplace for Devo customers and partners
The funding announcement coincides with the launch of a newly established team of security researchers and data scientists to form Devo SciSec, led by Chief Technology Officer, Gunter Ollmann.
