Logz.io has raised $23 million in Series C funding led by OpenView, with participation from investors 83North, Giza and new investor Vintage Investment Partners, bringing total capital raised to-date to $47 million.

The company also announced the release of two new capabilities - Logz.io Data Optimizer and Logz.io Application Insights - designed to help companies derive more value from machine data.

This latest funding round will support Logz.io’s go-to-market expansion and allow the company to continue aggressively investing in product innovation to serve the needs of its customer base, which has roughly tripled YoY to more than 400, and includes leading enterprises like Oracle, Intel, British Airways and Electronic Arts. The company also plans to double its current footprint in Boston, its US headquarters where 25 of its 100 employees are based, over the next 12 months.

Logz.io is an intelligent log analytics platform that combines advanced machine learning with the powerful open-source ELK (Elasticsearch, Logstash, Kibana) stack. The company enables the midmarket and enterprise alike to leverage ELK in a user-friendly and immensely scalable platform. Logz.io synthesizes machine data, user behavior, and community knowledge into actionable insights that help organizations take their operations to the next level.

Logz.io is committed to creating a log analysis platform that empowers customers to attain the most value from their data. Staying true to this mission, Logz.io has released two new features: Application Insights and Data Optimizer.

Application Insights enables faster incident detection and resolution of critical application issues. It uses machine learning to create and maintain a model of normal operations which it then uses to isolate new exceptions and critical errors which don’t fit the model and highlights these events for further investigation. Application Insights also integrates with CI/CD to put new exceptions and error messages in the context of changes to the environment such as a micro-service deployment.

Data Optimizer empowers enterprises to reduce the cost of data retention by determining which logs have value and how long they should be stored. The Data Optimizer summarizes critical logs and eliminates noisy and unnecessary logs which in turn enables significant efficiencies and reduces data noisiness. This enables long-term trend investigation and comparisons for greater insights into operations and completely changes the business model for companies operating in the log analytics space.

“We believe the rapid growth of our customer base and partner ecosystem is directly attributable to the type of outside-the-box thinking evidenced by our newest capabilities,” said Tomer Levy, CEO and co-founder, Logz.io. “We see a massive opportunity to help businesses of all sizes derive far more value from machine data than is currently possible under existing log analytics business models, and we’re excited and humbled by the opportunity to further invest the additional funds in bringing even more innovative capabilities and flexibility to the market.”