Coralogix Hits Unicorn Status, Plans India Expansion
▼ Summary
– Coralogix raised $115 million in a Series E round, reaching a pre-money valuation of over $1 billion, nearly doubling its value since 2022.
– The funding will expand its engineering base in India and develop its AI observability agent, Olly, which helps companies analyze data and resolve issues via text prompts.
– The round was led by NewView Capital, with participation from CPPIB and NextEquity, alongside existing investors like Advent International and Brighton Park Capital.
– Coralogix plans to invest $100 million in India over five years, doubling its workforce there to support AI research, engineering, and customer success teams.
– The startup aims to file for a U.S. IPO on Nasdaq in three years, focusing on growth in AI monitoring and expanding its market presence.
Coralogix has officially joined the unicorn club, securing a $115 million Series E funding round that values the Israeli observability platform at over $1 billion. The investment marks a significant milestone for the company, which has nearly doubled its valuation since its 2022 funding round.
The fresh capital will fuel two major initiatives: expanding engineering operations in India and accelerating development of its AI-powered observability agent, Olly. NewView Capital led the round, with backing from prominent investors including the Canada Pension Plan Investment Board and NextEquity, a venture firm founded by former Apple executives.
As businesses increasingly rely on data-driven decision-making, Coralogix’s platform addresses a critical pain point, helping teams quickly diagnose and resolve system issues without deep technical expertise. Olly, the company’s AI agent, goes beyond traditional monitoring by analyzing internal metadata alongside external data sources. This allows it to answer complex questions, from identifying service bottlenecks to pinpointing customer pain points, all through simple text prompts.
The company’s AI research center, responsible for developing Olly, will see significant expansion thanks to the new funding. Coralogix also plans to deepen its presence in India, with a $100 million investment over five years to grow teams in Gurugram, Bengaluru, and Mumbai. India already serves as the startup’s second-largest market, with clients like Postman, Meesho, and Razorpay relying on its solutions.
Beyond organic growth, Coralogix is exploring acquisitions of Indian startups to strengthen its local engineering and customer success teams. While no deals have been finalized, CEO Ariel Assaraf sees mergers as a strategic way to fast-track expansion.
The company’s rapid growth, 7x revenue increase since its 2022 Series D round, positions it as a formidable competitor to industry leaders like Datadog. Though not yet profitable, Coralogix has its sights set on a Nasdaq IPO within three years, contingent on demonstrating progress in AI innovation and market expansion.
Existing investors, including Advent International and Brighton Park Capital, also participated in the latest round, signaling strong confidence in Coralogix’s trajectory. With its unique blend of observability and AI-driven insights, the company is poised to redefine how businesses harness data for operational efficiency.
(Source: TechCrunch)
