Israel-based data analytics startup lands $55m round, eyes India expansion

Coralogix, an Israel-based data analytics firm catering to businesses, has raised US$55 million in a series C funding round led by Greenfield Partners. The latest financing values the startup between US$300 million and US$400 million.

Coralogix co-founders Yoni Farin (left) and Ariel Assaraf / Photo credit: Coralogix

The latest round also saw participation from Red Dot Capital Partners, StageOne Ventures, OG Tech, Janvest Capital Partners, Maor Investments, and 2B Angels.

Coralogix will use the money raised to fund its five-year strategic growth plan in India. The company has already set up a new Amazon Web Services zone in the city of Mumbai and offers server support and data storage services to its India-based customers. The startup’s clients in the country include BookMyShow, Postman, JupiterMoney, and Cred.

In the June quarter, Coralogix witnessed a 250% year-on-year growth in its customer base, which jumped to over 2,000 clients.

According to a report by global real estate and investment firm JLL, the capacity of India’s data center industry is expected to grow to 1,007 megawatts by 2023 from the existing 447 megawatts.

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CEO Ariel Assaraf said Coralogix aims to help companies comply with India’s data privacy laws, which mandate data localization. He added that Coralogix promises to offer “best-in-class localized support infrastructure” to firms in the country.

With the latest funding, the company has raised US$96 million to date.