Cisco Systems (CSCO) and Data Collective Venture Capital joined Trinity Ventures, True Ventures and Matrix Partners in Series B funding for cloud-based log management service provider Loggly, investing $10.5 million in new capital and bringing the startup's total venture financing to $20.9 million.

In addition to the funding, the company introduced Loggly Gen2, which includes a new user interface, new analytical tools and a scaled-out architecture to handle large customer needs. New capabilities include point-and-click trend graphs from any data, automated event parsing, powerful search and filtering capabilities, a spreadsheet-like grid view option, integrated alerting, customizable dashboards and workspaces.

The company, which counts more than 3,500 customers, said it has grown five times over the last year, mainly due to the inability of most cloud-centric companies to process log data, said Loggly CEO Charlie Oppenheimer in his prepared remarks.

"These organizations know that rapidly recognizing insights from log data is critical to maintaining a world-class operation," he said. "Yet they also know that developing or running their own log management systems saps valuable resources away from their core business focus."

In related venture news, Cisco recently joined a $12 million round of Series B funding for RiverMeadow Software, a developer of automated server migration solutions developed specifically for carrier and service provider clouds.