Enterprise customers triple while revenue jumps 766%, driven by worldwide enterprise demand
ChaosSearch today announced its highlights from 2020, as enterprise demand for the ChaosSearch Data Platform propelled the company to a record-breaking year. The company tripled its customer base, while its revenue increased by close to 8X compared to 2019. Enterprise companies around the globe now rely upon ChaosSearch to perform fast, reliable analytics on massive volumes of cloud data. On the strength this success, and the expectations for continued hypergrowth, the company concluded the year with a $40 Million Series B financing round in December.
ChaosSearch allows customers to significantly reduce the time, cost, and complexity of managing their data analytics environment. The ChaosSearch Data Platform connects to and indexes a customer’s cloud data rendering it fully searchable and enabling data analytics at scale. Compared to legacy log management solutions, ChaosSearch delivers 50-80% cost savings, while solving the scalability problem that limits customers’ ability to perform analytics on very large data sets. Indeed, ChaosSearch now manages over 15 petabytes of data across its customer base.
"ChaosSearch spent years stealthily developing hard-core technology that eliminates complex data analytics challenges. In 2020, not only did we deliver our next-gen platform, we proved its ability to reliably deliver on its promise," said Thomas Hazel, Founder of ChaosSearch.
"ChaosSearch’s growth has been impressive and is a testament to their ability to solve well-known challenges inherent in alternative platforms," commented Steve Duplessie, Founder and Senior Analyst at Enterprise Strategy Group. "By providing a robust, versatile, and scalable platform for analytics, they are well-positioned to continue their explosive growth."
Leading Global Enterprises Depend on ChaosSearch
As enterprise customers seek alternatives to the Elastic Stack and other log management systems, a rapidly growing number are entrusting ChaosSearch to enable analytics at scale in their massive cloud data lake environments. Customer highlights include:
Armor, a leading global cybersecurity software company, implemented ChaosSearch to bring new functionality to their customers, while solving the problems of scale and reliability on the back-end. With ChaosSearch, Armor’s clients can now perform search, analysis, and data visualizations on all of their security event data.
OODA Health, a leading SaaS healthcare payment platform vendor, selected the ChaosSearch Data Platform to enable search, analytics, and monitoring for all of the company’s security event data.
An innovative, leading global payments provider for the retail industry adopted ChaosSearch to replace their large Splunk deployment for security event log data. With ChaosSearch, Klarna was able to increase data retention from 30 to 90 days, and expects to save $4 million per year.
One of the world’s premier credit rating agencies selected ChaosSearch to deliver data analytics in its virtual private cloud environments in both Amazon AWS and Google GCP.
Josh Bosquez, Chief Technology Officer of Armor, explained his team’s experience: "As the daily new log data from all of our customers grew beyond 10 terabytes, it was increasingly difficult and expensive to provide a reliable log analysis environment. Switching to ChaosSearch allowed us to quickly eliminate our reliability challenges and gives us nearly unlimited scalability. With ChaosSearch in place, we are now able to confidently deliver new event log analysis capabilities to our clients, a critical area of need."
Growing Cybersecurity Needs Driving Strong ChaosSearch Demand
As the volumes and severity of cyber threats continually intensify, companies recognize the need for a robust log management solution as the foundation of their cyber protection strategy. And as their environments grow more complex, new data sources become available, and the need for longer term retention increases, companies require a solution that can scale.
"Demand for a scalable, robust log analytics platform for cyber security was a key factor in ChaosSearch’s growth in 2020, and shows no sign of slowing down in 2021," commented Ed Walsh, CEO of ChaosSearch. "Today over half of our customers are using ChaosSearch primarily to address various security use cases."
For example, OODA Health views ChaosSearch as a foundational component of the company’s overall security architecture. As a healthcare data platform, OODA manages a wealth of personal identification, healthcare, and payment information data, and therefore has legal and regulatory responsibilities to meet the highest data security standards. OODA deployed ChaosSearch to provide monitoring, query, and analysis capabilities across all logs generated from the company’s security framework, including endpoint protection, firewall, network devices, and internal systems.
In addition to its core log analytics capabilities, ChaosSearch added security alerting in 2020, enabling clients to customize security alerts based on tunable thresholds, and to integrate these alerts with their existing IT management and alerting tools. Looking ahead, Walsh anticipates continued investment in the security functionality of the platform, including support for anomaly detection.
ChaosSearch continued its rapid pace of innovation with the launch of ChaosSearch 2.0 and a series of enhancements to meet enterprise requirements.
Launched in April 2020, ChaosSearch 2.0 delivered the core log analytics functionality that positioned ChaosSearch as a robust, scalable alternative to the commonly deployed ELK stack. This next-gen platform incorporates a distributed architecture and proprietary indexing and compression technologies—core innovations that enable massive scalability at a fraction of the cost. Critically, with ChaosSearch 2.0, the need for frequent data ETLing or re-indexing is eliminated. With the ChaosSearch Refinery, customers can transform and modify data structures virtually, without the need for modifying the underlying data set.
For log analytics, ChaosSearch 2.0 leverages the Elasticsearch Open API and allows customers to use Kibana for queries, analysis, and visualizations. The ChaosSearch Data Platform delivers the core log management and analysis capabilities, while also solving for the underlying scale, cost, and complexity challenges of the ELK stack architecture.
As a SaaS solution, ChaosSearch continually develops features on behalf of its customers, delivering them automatically and seamlessly without impact to production operations. In the second half of 2020, ChaosSearch followed the delivery of ChaosSearch 2.0 with a series of improvements geared toward enabling enterprise use cases, including alerting, support for RBAC, and integrations with popular IT solutions including Opsgenie, Slack, PagerDuty and others.
$40 Million B Round Funding
On the strength of its rapid worldwide growth and demonstrated competitive differentiation, ChaosSearch closed 2020 with a major round of financing. In December, ChaosSearch closed a $40 Million Series B round of venture financing, co-led by Stripes and Moore Strategic Ventures. The capital will be used to drive further growth in 2021 by expanding the use cases that the ChaosSearch platform supports, growing the team across all functions, and building a scalable, repeatable go-to-market engine.
World-Class Executive Team
Two industry veterans with remarkable startup successes joined ChaosSearch: Ed Walsh, CEO and Melinda Smith, CFO. Walsh most recently served as General Manager of IBM Storage division and had previously led and sold four high-growth starts-ups. Smith was CFO for PayPal’s Venmo business unit, which she shepherded through a period of explosive growth. Earlier, as CFO, she readied Paydiant, Expressor Software, and edocs for acquisition.
ChaosSearch was honored with prestigious industry awards in 2020, including IT World’s BI & Analytics Product of the Year; Stevie’s Best Cloud and Best Big Data Solutions; Best SaaS Newcomer; and BostInno’s Inno on Fire.
Looking ahead, Walsh is excited about the market opportunity for ChaosSearch. "I’m extremely bullish on 2021. We have the right solution and the right team needed to provide a great client experience, while executing hockey-stick growth. And with upcoming multi-cloud and business intelligence product capabilities, we’ll be able to meet more wide-ranging enterprise analytics needs and expand our business."
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. The privately held company is based in Boston, MA. For more information, visit ChaosSearch.io or follow on Twitter @ChaosSearch and LinkedIn.
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