Devo Technology

Devo Technology is a cloud security information and event management (SIEM) platform that collects petabytes of data, analyzes and visualizes it for users while offering them access to 400 days of hot data for better threat investigation and hunting. Devo ingests data from data sources across on-premises or cloud environments, and provides user and entity behavior analytics (UEBA) and stream-based real-time alerting for users to investigate and detect threats.

Devo Exchange is a community-based marketplace that provides a catalog of curated content created by experts. Devo Flow is a visual correlation engine that allows users to process and analyze data in motion. Devo Security Operations allows security teams to continuously monitor, detect, and investigate advanced cyber threats in cloud environments.

In April 2022, the company acquired the detection and response startup Kognos . Kognos integrates with an organization’s existing security tools for continuous monitoring of suspicious attacks. The platform contextualizes the attack campaign based on real-time forensic questions and findings to execute remediation tasks. Kognos’s product portfolio also includes an EDR platform and an AI-powered triage monitoring platform that ingests alerts from various security products and assists cybersecurity analysts with incident investigations. Kognos provided Devo with an autonomous security operations center (SOC) solution. In September 2022, Devo Technology acquired the security orchestration, automation, and response (SOAR) startup LogicHub . LogicHub provides extended detection and response (XDR) solutions that automate incident response across the entire threat lifecycle. The company’s AI-based Autonomous Detection and Response Assistant (AuDRA) provides guided no-code playbook creation capabilities to security teams. LogicHub provided Devo with a complete SaaS stack of SOC capabilities required for an autonomous Security Operation Center (SOC).

The company had operations in North America, Europe, and Asia-Pacific as of June 2022.

Key customers and partnerships

Notable customers include Sonos, AT&T, Powerco, Unisys, Ivy Tech Community College, and Oklahoma University.

Funding and financials

In June 2022, Devo raised USD 100 million in a Series F funding round led by Eurazeo, bringing the total funding raised to more than USD 500 million. The round valued the company at USD 2 billion, an increase from the USD 1.5 billion sticker price achieved during its raise in October 2021. The funds were expected to be used to accelerate its product innovation and delivery of its autonomous security operations center (SOC), invest in new M&A expansion, and fuel growth in new regions and verticals, primarily in the public sector and the APAC region (such as Australia, New Zealand, Singapore, Malaysia, and Indonesia). Devo Technology also indicated that its Series F could most likely be its last funding round before it looks at going public via an initial public offering over 2023.

In 2021, Devo recorded nearly 100% growth in revenue and customer growth and surpassed an employee headcount of 500, which included 91 new hires in 2022 across North America, Europe, and APAC. The company expected to pursue an initial public offering (IPO) during 2023. 60% of Devo’s US sales are generated through the channel and the company plans to grow its international market (outside North America) to 40% (from 20%) of its sales revenue within 2023.