I’ve been bemoaning the fact that I don’t have a go-to quintessential Portland startup to reference on a regular basis. I think that all changed today. Portland startup Hydrolix — founded by serial entrepreneur Marty Kagan — just raised $80 million. And the reason they were able to do that in this market? By increasing their revenue eight-fold with some name brand customers.
“While we could easily turn this post into a victory lap,” said Marty. “What’s more interesting is to connect the dots: what’s happened over the last year between our Series B funding and now, how we achieved 8x growth year over year, and what’s coming next.”
Here’s the gist:
The products that serve this market must be able to handle petabytes of data cost-effectively. Incumbent data solutions are struggling to handle the load, leaving next-generation solutions like Hydrolix to take their place.
Meanwhile, the enterprises that find innovative new ways to harness their log data (through AI model training, deeper insights, better application performance, and more) will have a competitive edge over the enterprises that discard their data. When enterprises discard data, they’re not just discarding facts about what’s happening now—they’re also giving up on future insights that data could provide.
Important note from Malia Spencer at the Portland Business Journal:
This round was led by new investor QED and included new backers Blumberg Capital, Frontline Ventures, Pruven Capital and Sozo Ventures. Existing investors Akamai, AV8 Ventures, Ericsson Ventues, Nava Ventures, Oregon Venture Fund, S3 Ventues, Uncorrelated Ventures and Wing Ventures also participated.
For more, see the blog post from Hydrolix or these actual journalists covering the news:
- GeekWire: Hydrolix lands $80M to help companies manage massive volumes of log data
- Portland Business Journal: A Portland startup raises $80M
- The Oregonian: Tech startup raises another $80 million, plans to double Portland workforce
More Portland startup news
