Citi Ventures Funds Data Visibility Firm08.27.2021
Cribl, the leading Observability Pipeline company, today announced it raised $200 million in new Series C funding led by Greylock and Redpoint Ventures, joined by new investor IVP, existing investors Sequoia and CRV, and with strategic investment from Citi Ventures and Crowdstrike. This Series C funding brings Cribl’s total funding to $254 million, coming on the heels of sizable deals with large enterprise customers including FINRA, Rivian, and Cox Automotive.
— Citi Ventures (@CitiVentures) August 26, 2021
David Wadhwani, Partner at Greylock, says: “Not since my time at AppDynamics have I seen a company taking such an innovative approach to solving a real customer problem. Cribl is enabling customers to realize their long term observability strategies by addressing the single biggest pain point: getting control of the massive surface of data”
Data has become a double-edged sword in the enterprise. Exacerbated by the dramatic growth of remote work, security attacks, and heightened privacy and compliance requirements, companies are now collecting and storing such vast amounts of observability data that a new landscape of tech vendors have emerged to solve the myriad challenges that this “big data” created. But many data vendors address problems by locking customers into their own expensive data stacks — creating a long-term cost and complexity for customers.
Cribl is taking an open approach to the flow of data in the enterprise. In its flagship product, LogStream, Cribl has invented an entirely new, vendor-agnostic way to parse and route any type of event data that flows through corporate IT systems. In doing so, Cribl’s LogStream has not only created an observability pipeline that offers unparalleled flexibility and control across IT systems — it gives companies the freedom to choose their own analytics tools and storage destinations from a diverse range of best-of-breed data solutions without fear of vendor lock-in, complementing tools such as Splunk, Datadog, and Exabeam.
“Enterprises today are caught between the mythical ideal of a single pane of glass for all data insights, and the harsh reality that they have to install agents everywhere they want to observe data,” said Clint Sharp, co-founder and CEO of Cribl. “Cribl, our customers, and investors recognize there’s a better way — to create a unified data pipeline, with the same agents across security and operations, that allows enterprises to maximize the value of their existing investments. This isn’t a ‘better’ or ‘faster’ version of what’s in the market — it’s an entirely new, open architecture for observability.”
“Today’s IT and security teams are under siege – and no one is building software catered to them. Cribl is truly unique as they are the only vendor in the market giving those teams both the power and the choice to manage — and enrich — the onslaught of data in a totally agnostic way,” said Scott Raney, Managing Director at Redpoint Ventures. “We hear again and again that their customers are in awe when they use Cribl, which is not feedback we hear very often in this space. We’re very excited to partner with this exceptional team tackling this challenging and critical issue.”
The Cribl team has a deep heritage building innovative technology at Splunk, and at Cribl the team has invented technology that is the single strategic control point for all data in their enterprise — offering unparalleled flexibility and control over observability data flowing between every system in the enterprise. Its superior purpose-built technology is 7x more efficient at processing event data while using far fewer resources than alternatives, and has helped it win relationships with new global customers such as Whole Foods and Vodafone.
“Organizations engaged in digital transformation initiatives are now faced with managing highly dynamic, but also very complex, distributed environments. It’s no surprise then that the top goal of these digital transformation initiatives is to drive operational efficiencies,” stated Bob Laliberte Sr Analyst with ESG. “These modern cloud-native environments generate more data than ever before, and organizations need solutions like Cribl LogStream to enable them to regain control and streamline the collection and distribution of the right data to the right tools, in a cost effective manner.”
J.P. Morgan has to pay an $850,000 civil monetary penalty and BNP Paribas $6m.
M&A activity had the slowest opening six months in two years.
Blockchain-enabled platform reduces risk and operational costs and enhances liquidity for market participants.
Automated, digital-first payments platform will help financial firms with spot FX and international payments.
Consortium is creating the first open market electronic trading platform for syndicated loans and CLOs.