ChaosSearch, whose next generation data platform for analytics delivers insights at scale for enterprise customers worldwide, today announced it has closed a $40 million Series B funding round co-led by Stripes and Moore Strategic Ventures. This funding comes at the conclusion of a record-breaking 2020 in which the company saw triple digit sales growth, while rapidly expanding its enterprise customer base in the US and Europe. The cash infusion will help ChaosSearch capitalize on the worldwide demand for its solution, which addresses the vexing time, cost and complexity problems that enterprises face in managing today’s data analytics environment.
“At Stripes, we have been investing for several years based on the thesis that enterprises are increasingly data-driven. After speaking with numerous customers and assessing the competitive landscape, it became clear the ChaosSearch has delivered the right solution to an enormous problem in data analytics today,” said Ron Shah, Partner with Stripes, who has joined the company’s Board of Directors.
Large organizations today are generating billions of log files daily, and recognize the need to harness the data in order to derive key IT and business insights. However, the primary platforms for analytics, including the commonly deployed ELK stack, have inherent scalability limitations, forcing organizations to break up their data into multiple disparate clusters. This significantly increases the complexity and cost of managing the environment, while reducing the accessibility to the data for the analysts that rely on it. These problems are exacerbated by complex data pipelines and frequent data transformation processes, which the legacy data platforms require. In contrast, the ChaosSearch data platform indexes all data as-is, without transformation, allowing customers to run queries and analyses against a single unified data lake, while gaining unlimited capacity and data retention time.
“By eliminating the need for costly data transport and complicated data ingest, ChaosSearch enables customers to dramatically simplify their data analytics environment, while improving their analytical capabilities. Alongside a phenomenal product, the company has a group of world-class executives in place that will drive this next phase of hyper-growth,” said Shah. “We’re thrilled to partner with ChaosSearch as they enable enterprises around the world to drive massive improvements in data access, performance and scalability of their analytics environment.”
“Glasswing Ventures, along with fellow Series A investors .406 Ventures and Stage 1 Ventures, are excited to participate in this major milestone for ChaosSearch, increasing our investment in what is proving to be a breakthrough solution for cloud data analytics,” said Rudina Seseri, Founder and Managing Partner of Glasswing Ventures. “We welcome Stripes and Moore Strategic Ventures to the ChaosSearch team and look forward to working closely with them as ChaosSearch enters this new phase of growth.”
“Businesses that have been struggling with the high cost and complexity of large-scale data analysis are knocking down our doors looking for a better, simpler, and more cost-effective solution. They’re excited about ChaosSearch’s ability to enable fast insights from massive data sets within their own cloud data lake while also dramatically reducing costs,” said Ed Walsh, CEO of ChaosSearch. “Although we weren’t planning to raise additional capital in 2020, investors saw the opportunity and approached us about accelerating our plans. We’re thrilled with the financing and our new partnership with Stripes and Moore Strategic Ventures. This round is an acknowledgement of the substantial value our team has created this year, and a validation of the opportunity in front of us. It will enable us to execute aggressively by growing our team, expanding our use cases, and rapidly building a scalable, repeatable go-to-market model.”
ChaosSearch enables customers to Know Better™, delivering data insights at scale while achieving the true promise of data lake economics. The ChaosSearch Data Platform connects to and indexes data within a customer’s cloud storage environment, rendering it fully searchable and available for analysis with existing data tools, while delivering massive time, cost and complexity savings. Because ChaosSearch allows customers to use the familiar ElasticSearch API for queries and Kibana for log analytics and visualizations, it is an ideal solution for large customers looking to replace their sprawling ELK stack cluster environment. The privately held company is based in Boston, MA. For more information, visit ChaosSearch.io or follow on Twitter @ChaosSearch and LinkedIn.
Stripes is a leading growth equity firm that partners with founders who are building the best products in the software and consumer markets. Stripes’ software platform invests in leading horizontal and vertical software companies servicing customers from SMB to Enterprise around the world. Stripes strives to serve its partners by delivering valuable resources to create transformative companies. For more information on Stripes, please visit www.stripes.co.
About Moore Strategic Ventures
Moore Strategic Ventures, LLC is the privately held investment company for Louis M. Bacon, Founder and CEO of Moore Capital Management, LP.