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HomeLatest NewsSignalit, startup of the creator of the unicorn Devo, attracts 11.6 million...

Signalit, startup of the creator of the unicorn Devo, attracts 11.6 million to expand

Date: October 4, 2023 Time: 19:56:28

New movements in the sector after the wave of layoffs in the delivery sector and the ‘stop’ of investment in recent months. Now it is the turn of the startup Signalit, which has raised 11.6 million to be able to expand its business to new markets and finish its product construction stage. The technology company, created by the founder of the cybersecurity unicorn Devo, Pedro Castillo, received this injection from two funds: the American Insight Partners and the Spanish Kibo Ventures.

The software-as-a-service startup, known in slang as the SaaS model, enables companies to have complete control over their data, including real-time data orchestration and analysis, value enhancement through data enrichment activities and connections, and the optimization of costs thanks to the reduction of necessary data and redirecting it to the optimal platform for analysis or additional storage. To do this, use a distributed computing infrastructure called Edge Computing.

Now this round of capital will be used by the company to complete its construction phase to cement the product, although it is already working in beta mode with several large potential clients. Signalit has already focused on expanding to other countries, especially Europe, and also intends to cross the pond to the United States during the last quarter of this year.

For the founder and CEO of the startup, Pedro Castillo, this injection is due to the innovation that Signalit uses “to offer value is the result of many years of carefully listening and understanding the needs of clients in the data analysis space. This has allowed us to develop a truly disruptive technology that will allow our clients to orchestrate, optimize, enrich and maximize the value of their data in real time”, he settles.

Castillo founded Devo in 2011 and was its CEO for 7 years. The company was born in Spain, but a few years later it moved to the US. In October 2021 they raised a ‘megaronda’ of 215 million euros, which gave it a valuation of more than 1,000 million dollars, making it a unicorn. This expansion was carried out by the American investment giant TCV and General Atlantic and Eurazeo also entered, in addition to Kibo.

When Castillo left the company to found Signalit, Devo was valued at 2 billion dollars (about 1.87 billion euros, according to the last valuation in July 2022). The experience acquired during the Devo years and previously as a technology leader at Bankinter drive Signalit’s vision and mission to align the need for organizations to eliminate noise and excess data, increase efficiency and reduce costs.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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