Google Ventures-Backed Cribl Raises $319 Million for ‘Modern Data Platform’
Cribl has raised $319 million in a Series E funding round to help enterprises “unlock the value” of their IT and security data.
The round was led by GV (Google Ventures) and valued Cribl at $3.5 billion, which is 40% higher than its Series D round in 2022, Cribl said in a Wednesday (Aug. 28) blog post.
“Our mission here at Cribl is simple: Unlock the value of all your IT and security data,” Clint Sharp, co-founder and CEO of Cribl, wrote in the post. “Every company is dealing with the fundamental tension of data growing at 28% CAGR [compound annual growth rate] while budgets do not. With this additional capital, we’re doubling down on that mission and helping customers resolve that tension while giving them choice, control and flexibility.”
Cribl’s products enable customers to analyze, collect, process and route their IT and security data whenever and however they’d like, according to the post.
Nearly half of the Fortune 50 and a quarter of the Fortune 500 used these products to simplify and modernize their data management, the post said.
With the new funding, Cribl aims to bring its products to businesses around the world, while solving customer problems, entering new markets and expanding its partner ecosystem, per the post.
Together with GV investing in the company, GV General Partner Michael McBride will join Cribl’s board of directors, according to the post.
“Every company must modernize its data stack as legacy systems already can’t handle today’s rapid data growth, and the arrival of AI further accelerates the need for a modern data platform,” McBride said in a Wednesday press release. “Cribl’s rapid growth has come from the consistent and powerful results experienced by its customers.”
The widespread integration of AI and the Internet of Things (IoT) has sparked a surge in data, driving notable shifts in information management strategies, PYMNTS reported in March.
“Technologies like AI have just added more fuel to that fire and accelerated the insights you can get out of your data,” Taylor Lowe, CEO and co-founder of AI infrastructure platform Metal, told PYMNTS in an interview posted in March.
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