Funding will be used to fuel growth in 2021, building on global enterprise adoption of the company’s data platform for analytics
ChaosSearch, whose next generation data platform for analytics delivers insights at scale for enterprise customers worldwide, announced it has closed a $40 million Series B funding round co-led by Stripes and Moore Strategic Ventures. This funding comes at the conclusion of a record-breaking 2020 in which the company saw triple digit sales growth, while rapidly expanding its enterprise customer base in the US and Europe. The cash infusion will help ChaosSearch capitalize on the worldwide demand for its solution, which addresses the vexing time, cost and complexity problems that enterprises face in managing today’s data analytics environment.
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“Glasswing Ventures, along with fellow Series A investors .406 Ventures and Stage 1 Ventures, are excited to participate in this major milestone for ChaosSearch, increasing our investment in what is proving to be a breakthrough solution for cloud data analytics”
“At Stripes, we have been investing for several years based on the thesis that enterprises are increasingly data-driven. After speaking with numerous customers and assessing the competitive landscape, it became clear the ChaosSearch has delivered the right solution to an enormous problem in data analytics today,” said Ron Shah, Partner with Stripes, who has joined the company’s Board of Directors.
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Large organizations today are generating billions of log files daily, and recognize the need to harness the data in order to derive key IT and business insights. However, the primary platforms for analytics, including the commonly deployed ELK stack, have inherent scalability limitations, forcing organizations to break up their data into multiple disparate clusters. This significantly increases the complexity and cost of managing the environment, while reducing the accessibility to the data for the analysts that rely on it. These problems are exacerbated by complex data pipelines and frequent data transformation processes, which the legacy data platforms require. In contrast, the ChaosSearch data platform indexes all data as-is, without transformation, allowing customers to run queries and analyses against a single unified data lake, while gaining unlimited capacity and data retention time.
“By eliminating the need for costly data transport and complicated data ingest, ChaosSearch enables customers to dramatically simplify their data analytics environment, while improving their analytical capabilities. Alongside a phenomenal product, the company has a group of world-class executives in place that will drive this next phase of hyper-growth,” said Shah. “We’re thrilled to partner with ChaosSearch as they enable enterprises around the world to drive massive improvements in data access, performance and scalability of their analytics environment.”
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