Coralogix Debuts AI Agent After Raising $115 Million

Israeli data analytics platform Coralogix has reportedly reached unicorn status.

The company nearly doubled its valuation to more than $1 billion in its latest funding round, Co-founder and CEO Ariel Assaraf said in a Tuesday (June 17) Reuters interview.

The interview came as the company announced it had raised $115 million in a round led by California-based venture growth firm NewView Capital, with participation from the Canada Pension Plan Investment Board (CPPIB) and venture firm NextEquity.

Coralogix last raised funds in 2022, taking in $142 million. Since then, the Reuters report notes, valuations have slid as investors show caution amid elevated interest rates and geopolitical upheaval.

However, a recent frenzy for artificial intelligence (AI) has led to an uptick in funding for software-as-a-service (SaaS) firms. These companies took in a record $58 billion in the first quarter, the report added, citing data PitchBook.

Coralogix’s revenue has risen seven times since 2022, Assaraf told Reuters, though the company remains unprofitable, with close to three-quarters of its revenue going toward research and development last year.

“Successful companies in our space always invest a large portion of their revenue in R&D and were very late to become profitable,” Assaraf added.

Also Tuesday, Coralogix introduced its new AI agent, “Olly,” designed to simplify data monitoring using a conversational platform.

“Olly makes deep observability data accessible to every team. Whether you ask, ‘What is wrong with the payment flow?’ or ‘Which service is frustrating our users the most?’ Olly translates those questions into detailed, system-level answers,” the company wrote on its blog.

PYMNTS examined the use of AI agents in the world of finance earlier this month in a conversation with Greenlite AI CEO Will Lawrence.

After two decades defined by rule-based systems and machine learning, the 2020s are “the agentic era of compliance,” Lawrence told PYMNTS CEO Karen Webster.

The shift has a range of implications. Trust is critical for regulated financial institutions. Mistakes can bring about not just declined transactions but open the door to risk regulatory exposure.

“Right now, banks are getting more risk signals than they can investigate,” Lawrence said. “Digital accounts are growing. Backlogs are growing. Detection isn’t the problem anymore — it’s what to do next.”

“AI is only scary until you understand how it works,” he added. “Then it’s just a tool — like a calculator. We’re helping banks understand how to use it safely.”