LogEntries Adds $1MPEHUB Jul 18, 2012 Back to press
Dublin-based LogEntries, maker of cloud-based, search and analysis log-file management technology, has added more than $1 million in new financing from Polaris Venture Partners and RRE Ventures, and Dublin-based firm Frontline Ventures. Enterprise Ireland is also participating. A specific amount for the round was not disclosed.
LogEntries – a cloud-based, real-time search and analysis log-file management solution for enterprises of all sizes, announced today that it has secured growth funding from U.S. firms Polaris Venture Partners and RRE Ventures, and Dublin firm Frontline Ventures. The $1 million-plus round, led by Polaris Venture Partners, is also being supported by Enterprise Ireland.
LogEntries, founded by Dr. Trevor Parsons and Dr. Vilaim Holub, is a University College Dublin spin-out company that provides real-time search and analysis of log-files as a service for enterprises of all sizes across the entire software stack. Going beyond the state-of-the-art in log management, LogEntries’ built-in intelligence layer proactively alerts users about system errors and remedy options in advance of system crashes. The company, which has been working out of @dogpatchlabs Europe in Dublin since last October, processes billions of log events per day, has several thousand users, and hundreds of customers.
Commenting on Polaris Venture Partners’ first investment in Dublin this year, Noel Ruane, European Venture Partner with Polaris says, “For a seed-stage company to have such rich IP manifested in a product so much more mature than the company itself, and this level of traction, is testament not only to the tech smarts of Trevor and his LogEntries team, but to their street smarts too. And for LogEntries to be in such a compelling space……no pun intended, but it’s set-up to create the perfect Storm.”
Co-Founder and CTO, Dr. Villiam Holub believes that “the shift from on-premise to cloud based solutions in the enterprise space is really starting to accelerate as enterprises of all sizes embrace the advantages of the cloud. Both myself and Trevor have previously built an on-premise log management solution for IBM, but in the cloud-based arena what we see right now are merely what we call ‘Splunk-lite’ offerings – dated solutions adopted for the cloud. From the architecture up, LogEntries is 100% cloud-focused.”
About the investment, Trevor Parsons, Co-Founder and CEO of LogEntries says, “Noel’s commitment to our business is on a par with the founders. He’s like the third founder. We were fortunate to have many term sheets, but it was a pretty simple decision. He brought in great co-investors in RRE and Frontline and managed the process such that we could keep focused on the day job. And through the Polaris network, connected us with great guys from Q1 Labs, VKernal and many more…..genuinely can’t say enough positive things about Polaris throughout this process.”
Joining Polaris in the investment round are RRE Ventures, Frontline Ventures and Enterprise Ireland.