The Spanish technology Devo, security and data analysis company cloud-native, has announced a series E financing round of 250 million dollars (about 215 million euros, about) and a valuation of 1,500 million dollars (1,290 million euros), which makes the company the first cybersecurity company in Spain to reach the ‘unicorn’ status.
This round of financing has been led by TCV, together with others two new investors, General Atlantic and Eurazeoand the existing ones Bessemer Venture Partners, Insight Partners, Georgian and Kibo Ventures.
This new round -the technological one has received a total financing of more than 400 million dollars (close to 345 million euros)- has the objective of boosting growth in new regions and verticalsand will also serve to significantly increase investment in channel expansion and product innovation.
“When we founded Devo in 2011, we were aware that we were building a company with the potential to be one of the start-ups most successful technological companies that have been born in Spain”, declared Pedro Castillo, CTO and founder of Devo.
A recent study published by Devo revealed that more and more companies are betting on the cloud. Specifically, organizations that opt for the cloud are three times as many organizations that prefer not to use it. This transformation introduces significant challenges in the complexity and proliferation of security data, compounding the limitations of legacy security toolsets and overburdening already overwhelmed security teams.
Global security community
“The largest companies on the planet choose Devo because it combines unmatched scale, powerful analytics and the ability to get answers in real time, changing the way security teams interact with their data. This new funding round validates the disruptive force we have become and sends an unequivocal signal to the industry that we will continue to set the pace when it comes to innovation and customer value,” believes Marc van Zadelhoff, CEO of Devo.
Among Devo’s expansion plans is the growth of new verticals and geographies, including a increased presence in the public sector, as well as in the Asia-Pacific region. It has also redoubled its commitment to the channel and the partners of integration. Finally, the company will make a significant investment in technology alliances, content and people to build “a global security community that ushers in a new era for the industry.”
Gopi Vaddi, General Partner of TCV, has joined Devo’s Board of Directors. Gary Reiner, operating partner of General Atlantic, has also joined the board.
Today, Devo has more than 400 employees in North America, Europe, and Asia-Pacific. Among its main clients are companies such as H&R Block, Manulife, FanDuel, Ulta Beauty and AMEX Global Business Travel.