Cribl, the IT and Security Data Engine, today announced the successful closure of its $319M oversubscribed Series E funding round, which included both primary and secondary transactions. This new funding brings the total funding to date to more than $600 million and increases valuation to $3.5 billion, a 40% increase over the company’s valuation in its last funding round in 2022.
Check our Latest News : Intel and IBM Launch Enterprise AI Solutions in the Cloud
The funding was led by new investor GV (Google Ventures), one of its largest investments to date. The round was led by GV General Partner and former GitLab CRO Michael McBride, who has joined Cribl’s Board of Directors. Other participants included GIC, CapitalG, IVP, and CRV. It represents follow-on investment in support of Cribl having passed $100 million in annual recurring revenue in under four years and was named the fourth-fastest infrastructure company to achieve centaur status in October 2023.
As enterprise data grows at a 28% compound annual growth rate, very outpacing IT budget increases, traditional vendors are falling short in keeping pace with volume, variety, and value of the data. Cribl vendor-agnostic solutions enable customers to analyze, collect, process, and route all of the IT and security data, unlocking its full value. Since its founding in 2018, Cribl has seen rapid adoption, with its telemetry data management solutions delivering substantial value to enterprises across the globe:
ARR Growth: Cribl has seen 163% CAGR growth in ARR over the last four years. Customer Growth: Over the past five years, customers have continued to grow more than triple digits year over year, including a quarter of the Fortune 500. Net Dollar Retention : With an NDR of more than 130% in the last year, it is found to have strong customer expansion.
Multi-product Adoption: Customers buying a range of products from Cribl’s portfolio grew 3X in the past 12 months
Clint Sharp, Cribl co-founder and CEO said, “As practitioners in IT and Security, we know the challenges that exponential data growth creates. Today’s funding is a vote of confidence for our approach and a huge milestone on the way to building a generational company—one that continues to raise the bar alongside our customers’ changing needs.”
Stephen O’Leary, Principal Information Security Engineer at Sophos, spoke about what made Cribl special to them: “Cribl has been instrumental in taming our most complex data processing issues. No other solution provides this level of flexibility and control to shape disparate data formats with ease and more effectively manage data from heterogeneous sources.”
The investment by GV will help Cribl continue to scale business growth through accelerating product development, extending its global presence, and further strengthening the infrastructure. Michael McBride, GV General Partner, said, “Cribl’s growth is fueled by the tangible results its customers experience. It’s a privilege to partner with Cribl’s expert team as they redefine the data platform category.”.
Headquartered in San Francisco, with over 700 employees globally, Cribl is scaling its presence across the US, Europe, and Australia. To date, recognition of Cribl includes: Forbes Cloud 100, Redpoint InfraRed 100, Notable Capital’s Rising in Cyber, and the Wing Enterprise Tech 30.Cloud 100, the Redpoint InfraRed 100, Notable Capital’s Rising in Cyber, and the Wing Enterprise Tech 30.
To share your insights with CyberTech Newsroom, please write to us at news@intentamplify.com
