Logentries raises $10m from VCs

The fresh funding for Logentries will allow the company to finance product development and roll out an "aggressive" marketing strategy.

Floodgate is a new investor in the company, whereas Polaris, Frontline and RRE all backed Logentries in its seed funding round last year. Floodgate is a US-based fund that describes itself as a fundraising model bridging the gap between angel investors and venture capital firms.

The funding round saw a fair amount of US-based investor interest. While Polaris is based in Dublin, the firm also has two offices in the US with a third expected to open in the coming months. RRE is based in New York and Floodgate in Palo Alto, California. Frontline is headquartered in Dublin, with an additional office in London.

In conjunction with the hefty capital injection, Logentries has named Andrew Burton as the company's president and CEO. Burton has joined the company from LogMeIn, a US company providing remote access services and remote desktop software.

Prior to taking up his position at LogMeIn, where he was in charge of the company's cloud-based products, Burton was involved in a number of smaller software-as-a-service (SaaS) companies that were subsequently acquired by the tech industry's giants. Burton headed up product management at instant messaging enterprise software provider IMlogic, which was then acquired by Symantec. He has also worked at productivity software company Groove Networks, which was taken over by Microsoft, and hosted application service provider USinternetworking, which was then bought out by AT&T.

Previous funding
In 2012, Logentries received $1m in seed funding from Polaris, Frontline and RRE. The company also received financial support from Enterprise Ireland when it emerged from University College Dublin (UCD).

Company
Founded in 2010, Logentries has European headquarters in Dublin, US headquarters in Boston and an additional office in Prague. The company span out from the performance engineering laboratory at UCD.

Big data company Logentries develops and provides a SaaS product for businesses that is designed to simplify the process of analysing vast quantities of machine-generated log data, also known as log files.

Logentries' software collects log data from computers, servers and other hardware and software systems running in the cloud. It then filters and correlates the files for fast and simple retrieval of the most important data, as well as tagging and automatically routing the log entries so that they can be shared. The data can then be used by companies to monitor system performance.

The idea behind Logentries' SaaS product is to eliminate the need for an in-house data expert or specialist, someone who is normally required to sort through, analyse and subsequently use log data.

Logentries has a 10,000-strong user base across 100 countries and claims to process in excess of 10 billion log events per day. The company has partnerships with platform-as-a-service providers Heroku, AppFog and Engine Yard, and infrastructure-as-a-service providers Amazon Web Services, Rackspace and Microsoft Azure.

Customers include the Financial Times, Red Bull, MailChimp and VC-backed Hailo.

People
Andrew Burton is Logentries' new president and CEO, while chief research officer Trevor Parsons and CTO Viliam Holub are the company's co-founders.

Noel Ruane, a European venture partner at Polaris, has been involved in the company's formation since before its seed funding round, having formed a relationship with the founders when the start-up was being incubated at Dogpatch Labs in Dublin. Dave Barrett is a general partner at Polaris.

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