Devo Technology

Devo Technology

Cloud-native security analytics and SIEM platform

Overview

Devo Technology provides a cloud-native security analytics platform that combines SIEM, SOAR, and UEBA to enable real-time data analysis for security operations. The platform ingests data in the cloud and offers features such as automated case management, autonomous investigation, and threat hunting to help security teams identify and respond to threats faster. The product works by centralizing security data, applying analytics and automated workflows, and presenting actionable insights to SOCs. Its differentiators include an integrated, cloud-native stack that unifies SIEM, SOAR, and UEBA with automated workflows and threat-hunting capabilities, as well as a subscription model based on data ingestion, targeting large enterprises and MSSPs. The primary goal is to help security operations centers detect threats more effectively and shorten the time to respond by providing comprehensive visibility, automation, and proactive threat hunting.

About Devo Technology

Simplify's Rating
Why Devo Technology is rated
B-
Rated B on Competitive Edge
Rated B on Growth Potential
Rated C on Differentiation

Industries

Data & Analytics

Enterprise Software

Cybersecurity

Company Size

501-1,000

Company Stage

Series F

Total Funding

$487.1M

Headquarters

Cambridge, Massachusetts

Founded

2011

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Simplify's Take

What believers are saying

  • AWS collaboration accelerates AI/ML innovations and Asia Pacific expansion.
  • Kognos acquisition enhances autonomous threat hunting capabilities.
  • Trevor Crompton's EMEA leadership drives MSSP and enterprise growth.

What critics are saying

  • Splunk captures 65% enterprise preference, eroding Devo's market share.
  • Microsoft Sentinel bundles undercut pricing, switching 40% MSSP customers.
  • Elastic commoditizes features, halving Devo's retail and healthcare pipeline.

What makes Devo Technology unique

  • Devo's HyperStream delivers sub-second real-time threat detection unlike Splunk's index-based delays.
  • Integrated SIEM, SOAR, UEBA, and DeepTrace AI enable autonomous SOC operations.
  • Pure SaaS platform offers unlimited scalability across AWS, Azure, and GCP.

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Funding

Total Funding

$487.1M

Above

Industry Average

Funded Over

8 Rounds

Series F funding comparison data is currently unavailable. We're working to provide this information soon!
Series F Funding Comparison
Coming Soon

Growth & Insights and Company News

Headcount

6 month growth

-1%

1 year growth

0%

2 year growth

0%
PR Newswire
Sep 19th, 2023
83% Of It Security Professionals Say Burnout Causes Data Breaches

A Devo and Wakefield Research survey highlights the mental, physical and business impacts of burnoutCAMBRIDGE, Mass., Sept. 19, 2023 /PRNewswire/ -- Devo Technology, the cloud-native security analytics company, today unveiled the results of a new study examining the ramifications of cybersecurity burnout, finding the vast majority of IT security professionals admit stress has led them and peers to make errors that have caused data breaches.Recent estimates put the shortage of cybersecurity professionals at 3.5 million . The survey, conducted by Wakefield Research on behalf of Devo, demonstrates that in addition to the mental and physical toll stress takes on these under-resourced teams, their struggles also directly affect their organization's security posture. Burnout isn't just a people problem; it is a business problem that negatively impacts a company's ability to safeguard its data, reputation, and bottom line.Cybersecurity burnout is compounding cyber riskRespondents to the survey reported several concerning trends that, if left unaddressed by CISOs and company leadership, could result in costly turnover, financial damages from regulatory fines, and lost consumer trust. More specifically, the survey found that:83% of IT security professionals admit they or someone in their department has made errors due to burnout that have led to a security breach.85% say they anticipate they will leave their role due to burnout; 24% say they'll leave cybersecurity entirely.77% say stress levels at work directly affect their ability to keep customer data safe."These findings are a harsh wake-up call for enterprise leaders but also provide an opportunity for change," said Marc van Zadelhoff, CEO, Devo. "Caring for security teams isn't just a 'nice thing' to do

PR Newswire
Aug 1st, 2023
Devo And Cybermindz Partner To Address The Mental Health Of Front-Line Cybersecurity Workers In The U.S.

Devo Provides Financial Support to Help Cybermindz Offer Evidence-Based Well-Being Training to Relieve Cyber Pros' Stress and Reduce TurnoverCAMBRIDGE, Mass., Aug. 1, 2023 /PRNewswire/ -- Devo Technology , the cloud-native security analytics company, today announced its financial support for Cybermindz, a not-for-profit organization dedicated to improving the mental health and well-being of cybersecurity professionals. Founded in Australia just over one year ago, Cybermindz entered the U.S. in April to expand its global reach.A recent study found that 55% of SOC analysts have considered leaving their jobs due to stress. New applications of AI-powered security tools are being applied to reduce analyst workloads and alleviate burnout, but they are only one piece of the puzzle. While Devo believes in the future of AI, it recognizes that solving mental health challenges requires a two-pronged approach

PR Newswire
Jun 21st, 2023
Devo Names Trevor Crompton Area Vice President Of Emea

Strategic leadership appointment advances the company's next stage of growth and execution across EMEACAMBRIDGE, Mass. and LONDON, June 21, 2023 /PRNewswire/ -- Devo Technology, the cloud-native security analytics company, today announced the leadership appointment of Trevor Crompton as Area Vice President, EMEA. Based in England, Crompton will report directly to Devo's Chief Revenue Officer, Brian Froehling.Crompton will lead Devo's overall sales strategy and operations in EMEA and will also be responsible for ensuring customer and partner success."As the largest MSSPs and enterprises shift from legacy providers to our modern cloud-native platform, Trevor will play an integral role in continuing to build market momentum and expanding our global customer base," said Brian Froehling, Chief Revenue Officer, Devo. "He has a strong cybersecurity sales background and extensive experience overseeing teams at some of the world's largest enterprise technology organizations, making him uniquely qualified to help bring our autonomous SOC vision to life in the marketplace."Crompton has over three decades of experience in the IT security industry and has held numerous sales leadership roles, at organizations of all sizes, for the past 15 years of his career. He most recently served as Senior Vice President, Emerging Regions and Global Channel at Outpost24 Group, where he built a top-performing team across multiple regions and matured the company's global channel strategy. Before that, Crompton was the EMEA Sales Leader at Kenna Security, where he built and scaled the business from the ground up in Europe."Devo has created a superior security analytics platform for customers that need a solution to the ever-changing cyberthreat landscape they're facing," said Trevor Crompton, Area Vice President, EMEA, Devo

Yahoo Finance
Dec 6th, 2022
Devo Named A Major Player In 2022 Idc Marketscape For Siem

Devo TechnologyWorldwide Vendor Assessment cites the company’s impressive multi-use case approach and positive customer feedbackCAMBRIDGE, Mass., Dec. 06, 2022 (GLOBE NEWSWIRE) -- Devo Technology , the cloud-native logging and security analytics company, today announced that it has been recognized as a Major Player in the IDC MarketScape: Worldwide SIEM 2022 Vendor Assessment (IDC #US49029922, November 2022). This notable designation marks Devo’s first year of inclusion in the highly respected and competitive vendor assessment.Devo’s position as a Major Player reflects the company’s rapid disruption of the legacy SIEM market, bringing a highly scalable, fast and high-performing solution to the modern security operations center (SOC). The IDC MarketScape report specifically cites that “Devo offers 400 days of hot data storage as part of the platform, more than many other vendors” and lauded the company for being a cloud-native SaaS offering, which frees customers from needing to manage their own infrastructure.According to the IDC FutureScape: Worldwide Future of Trust 2023 Predictions report (IDC #US49755022, November 2022), "By 2026, 30% of large enterprise organizations will migrate to autonomous security operations centers accessed by distributed teams for faster remediation, incident management, and response."“Devo’s position in the 2022 IDC MarketScape for SIEM report helps to validate the path we’ve set forward toward the autonomous SOC,” said Gunter Ollmann, Chief Technology Officer at Devo. “As the needs of SOC teams grow and they are tasked with managing increasing amounts of data and tools, augmenting those analysts with automation, machine learning, and cognitive AI technologies becomes paramount and Devo is at the forefront of driving that vision forward.”The autonomous SOC builds on top of the AI embedded in today’s security stack to unlock analyst productivity by requiring fewer manual burdensome steps and providing a path forward for SOC leaders to leverage even more powerful AI and ML-based automation to combat threats. It will help teams perform fast, effective detection and incident response to resolve threats across any infrastructure

Yahoo Finance
Nov 29th, 2022
Devo Technology Announces Strategic Collaboration With Aws To Transform The Security Operations Center

Devo TechnologyThe collaboration will help deliver scalable, high-performance and comprehensive AI driven cloud-native security analytics and log management to global security teamsLAS VEGAS, Nov. 29, 2022 (GLOBE NEWSWIRE) -- Devo Technology , the cloud-native logging and security analytics company, today announced that they have entered a multi-year strategic collaboration with Amazon Web Services (AWS). This deeper collaboration will help Devo to rapidly innovate within the emerging field of applied AI/ML and security log analytics and to deliver solutions aligned with AWS security services, providing an improved customer experience. The collaboration is designed to help facilitate Devo’s customer outreach abilities on a global basis, with particular emphasis on the Asia Pacific region, public sector and a growing network of global Managed Security Service Providers.The fast-expanding and increasingly sophisticated cyber-threat landscape has left organizations requiring powerful cloud-based security analytics solutions that enable security teams to work more efficiently and focus on business-critical issues. Devo offers a fully cloud-native software as a service (“SaaS”) platform built on AWS capable of near real-time queries across terabytes of data, equipped with memory analysis tools and a machine learning workbench. As companies, governments and other public organizations continue their transition to the cloud, Devo is working with AWS to deliver a comprehensive stack of cybersecurity capabilities that will help evolve a business’ security operations center (“SOC”) by leveraging autonomous capabilities enabled by automation, machine learning, and cognitive AI technologies.SOC leaders face a complex challenge

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