BOSTON, Oct. 1, 2013 (GLOBE NEWSWIRE) -- Logentries, a new cloud-based service provider for collecting and analyzing huge quantities of machine-generated log data, has received $10 million in Series A financing and has named Andrew Burton as president and CEO. Unlike costly log management alternatives that require advanced technical skills to use, Logentries utilizes a unique collective intelligence model to transform otherwise difficult-to-consume log data into actionable business and operational insights. Logentries will use the funds to accelerate product development and aggressively drive a go-to-market strategy. The financing round was led by Polaris Partners, along with Floodgate, Frontline Ventures, and RRE Ventures. Floodgate is a new investor joining the other firms that provided $1 million seed money in 2012.
"With big data transforming businesses of all kinds, Logentries lets customers focus on the data that matter most - the less than 1% of log entries that contain the game-changing information that's hidden among the other 99%," said Andrew Burton, president & CEO, Logentries. "I'm excited to join the Logentries team where our goal is to harness the power of log data and make it accessible to anyone."
According to IDC, the volume of digital data is expected to reach 7.9 trillion gigabytes in 2015, with 90% of digital data generated by machines. With the vast majority of this data unstructured and velocity expected to increase 30% per year through 2015, creating a $16.9 billion market, traditional approaches that require users to setup complex systems, learn advanced query languages and manually attempt to find important information are quickly becoming antiquated strategies.
"Machine-generated log data is an important and fast-growing part of the move to harness big data to help improve business and IT operations," said Dave Barrett, general partner of Polaris. "Rather than attempting to manage the ever-increasing amounts of logs and raw log data, Logentries focuses on finding and extracting the individual events that matter most, allowing anyone at any level to 'mine for log data gold.'"
Logentries, built on decades of advanced academic research and in collaboration with IBM and leading European innovation centers, is powered by a simple premise that the business and operational value of log data is found in specific, individual entries hidden within logs. These log entries represent tremendous value to developers, IT operations personnel, and business analysts, but remain largely buried, among the millions or billions of other log events contained in a log file.
"Until now, log management and machine data analysis has been complicated and costly - requiring a data expert," said Logentries co-founder and chief research officer, Dr. Trevor Parsons. "Logentries not only focuses on making log data simply accessible to anyone, from marketing managers to software developers, but also creating actionable insights from system data to increase operational performance and user productivity. "
Andrew Burton Named CEO
With the funding round comes Andrew Burton, a SaaS industry veteran who has been named Logentries president and CEO. Burton joins from LogMeIn, Inc. where he led all of LogMeIn's cloud-based access, collaboration and customer care product offerings, and helped lead LogMeIn from early stage, privately held start-up to a publicly traded company with offices around the world. Prior to LogMeIn, he was responsible for product management at IMlogic through its acquisition by Symantec, as well as Groove Networks (subsequently acquired by Microsoft) and USinternetworking, a pioneering company in delivering software applications over the Internet (later acquired by AT&T). Burton began his career as an analyst and software engineer at Accenture, the world's largest technology consulting firm. He holds a Bachelors of Science degree from Oregon State University, Masters in Information Systems with honors from University College Dublin (Ireland), and Masters in Business Administration from Boston College.
"Andrew brings 16-plus years' experience at both small and large technology companies through rapid growth and periods of change," said Doug McNary, chairman of the board, Logentries. "In addition, his extensive background building disruptive businesses and delivering applications over distributed networks applies perfectly at Logentries."
About Logentries: Machine generated log data simply accessible
Logentries collects, analyzes and produces actionable insights from the huge quantities of machine- generated log data (often referred to as "log files" or "machine data") from the computers, servers, and other hardware and software systems running in the cloud or within a data center environment. The foundation of Logentries rests on the simple premise that log files should be filtered, pre-processed and correlated up front for quicker and easier retrieval of the individual log entries that matter most. In turn, this pre-processing is combined with a collective insights model that enables important information to be dynamically tagged, automatically routed, and easily shared across teams and computing platforms. This model eliminates the need for an in-house data expert or specialist to interpret and use the data. It unlocks the power of data so that anyone, including developers, IT operations personnel, and business analysts can monitor system performance and troubleshoot potential issues.
Founded in 2010, Logentries emerged from University College Dublin's Performance Engineering Laboratory after a decade of joint research with IBM. With support from Launchpad, UCD's Nova Innovation Center and financial support from Enterprise Ireland, Logentries was incubated in Dogpatch Labs, Dublin. Incubation at Dogpatch Labs provided the founders with an early opportunity to forge a unique relationship with Noel Ruane, Polaris's European Venture partner, helping to guide and support them from early business formulation, initial seed funding, and on to an A round investment.
Currently backed by leading venture capital firms, Logentries has expanded to actively service over 10,000 users, across more than 100 countries, processing more the 10 billion log events per day. The company is headquartered in Boston's innovation district, with offices in Dublin and Prague. For more information, please visit: www.logentries.com
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CONTACT: Glenn Rossman, 914-623-8354 firstname.lastname@example.org Source: Logentries