Data analytics startup Coralogix doubles valuation to over $1 billion in latest funding round
June 17 (Reuters) - Data analytics platform Coralogix nearly doubled its valuation to over $1 billion in its latest funding round, co-founder and CEO Ariel Assaraf told Reuters in an interview, as artificial intelligence-driven enterprise offerings continue to pique investor delight.
Coralogix raised $115 million in a round led by California-based venture growth firm NewView Capital, the startup said on Tuesday. Canada Pension Plan Investment Board (CPPIB) and venture firm NextEquity also participated in the round.
The fundraise comes three years after Coralogix's previous external funding in 2022, where it raised $142 million. Valuations have faced downward pressure since then, as investors continue to sit on dry powder amid elevated interest rates and geopolitical tensions.
Enterprise software-as-a-service startups, however, have endured a wider slowdown in venture capital funding, with an AI gold-rush pushing SaaS financing to record $58 billion in the first quarter, according to PitchBook.
Coralogix's revenue increased seven times since 2022, Assaraf told Reuters. The company, however, is yet to be profitable, with nearly 75% of its revenue in 2024 going towards research and development, according to Assaraf.
"Successful companies in our space always invest a large portion of their revenue in R&D and were very late to become profitable," Assaraf added, noting a similar pathway across peers Datadog (DDOG.O), opens new tab and Splunk.
Startups are integrating AI-driven agents across IT development and operations as enterprises increasingly ask for all-in-one platforms to oversee their entire cloud infrastructure and processes.
Coralogix expanded into AI observability with the acquisition of Aporia in December 2024. The company is aggressively looking to expand its AI talent pool, Assaraf said.
"If there's a strategic acquisition of a company with a specific, very talented pool of people around AI, we will make those acquisitions, even if they're not small," he told Reuters.
On Tuesday, Coralogix also unveiled its new AI agent "olly," aiming to simplify data monitoring via a conversational platform. Industry leaders have hailed AI-based agents as a transformative use case of the technology.
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