Splunk Closes $25 Million in Funding
To Fuel Rapid Adoption of IT Search in Data Centers Around the World
SAN FRANCISCO - September 11, 2007 - Splunk, creators of the original IT Search engine for logs and IT data, today announced $25 million in Series C funding led by Ignition Partners of Bellevue, Washington. Also participating in the round were the company's existing investors August Capital, JK&B Capital and Sevin Rosen Funds. Splunk's free download business model has put the company on a rapid growth trajectory. The funding will be used to continue Splunk's rapid adoption in data centers around the world by accelerating innovation, expanding sales and marketing, growing international operations and fueling the company's partner ecosystem.
In just 18 months since the launch of Splunk 1.0, the company has added 35 OEM and channel partners, 450 enterprise, service provider and government agency customers and more than 100,000 user downloads worldwide. Customers like Visa International, Verizon Business and The U.S. Department of Justice use Splunk's IT Search to take advantage of all the different types of machine data generated by applications, servers and network devices. Never before has it been possible to dig into everything happening at every layer of the data center from one place. Splunk is changing how complex computing environments are managed, secured and understood by letting humans interact with terabytes of IT data.
"The fast growth of our user community and customer base indicates the market for IT Search is huge and the technology has many applications across systems management, security, compliance and business intelligence. We have a deep pipeline of ideas and innovations to bring our users, and expand the footprint of search in the data center. We decided to partner with Ignition so we can go even faster and leverage our first mover advantage," said Michael Baum, Splunk's CEO and co-founder. "We had a lot of interest in this round from a number of highly respected investors. We chose the Ignition guys for their breadth of experience operating large-scale technology businesses."
Former Microsoft CFO and CIO John Connors, a partner with Ignition will join Splunk's board. Cameron Myhrvold, founding Ignition partner, will become a board advisor and bring his experience creating the Microsoft Developer Network (MSDN) to the table.
"We could see immediately Splunk is disruptive to the existing order in the data center. It's simple, and quick to achieve gains in production environments," said John Connors, partner, Ignition Partners. "IT Search turns the top-down model on its head, and puts the person who has to solve the problem right in the middle of a very broad value proposition. Splunk is addictive - users download it for one thing and quickly realize they can use it for many others. And Splunk is viral - allowing experts in different technology and operational domains quickly share context and knowledge. Splunk is having a major impact."
This funding round follows Series A investment of $5 million in December 2004 from August Capital and Sevin Rosen, and $10 million Series B in January 2006 led by JK&B Capital.
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