Hungarian Axoflow secures $2.5M in a seed round

Hungarian cloud-based collection and curation provider, Axoflow has secured a $2.5 million seed round. The investment was co-led by Credo Ventures, 500 Emerging Europe, and Notion Capital, the Recursive informed.

• Axoflow was founded by Balázs Scheidler, Ferenc Hernádi, and Sándor Guba. It is a platform that helps businesses control and improve their data supply chains. This allows companies to maximize their observability investments. Axoflow has been designed to optimize the entire machine data lifecycle, a critical aspect for both traditional and cloud-based environments.
• The company leverages the power of syslog-ng. Some features include encryption for data in motion and at rest, retention of original data for compliance, and role-based access control with region policies.
• Earlier, Axoflow received a $400,000 investment from angels.

Investors in this round include:

• Credo Ventures, Prague-based venture capital company focused on early-stage investments in Central Europe. Among its recent investments are participation in €17.3 million round for ElevenLabs, and $11 million for Resistant AI. To date, in October 2022 Czech Credo Ventures closed its fourth fund of €75 million.

• Istanbul-based VC firm, 500 Emerging Europe, that invests in pre-seed and seed rounds in Emerging Europe, with first tickets as high as €2 million.
• Notion Capital, London-based venture capital firm focused on high-potential businesses in the cloud computing and SaaS markets.

The company aims to finalize PoC, onboard new flagship customers and become a category definer in the space over the next 12–18 months.