Since raising $16 million from investors last year, Logz.io Inc. has tripled both revenues and the size of its installed base. The three-year-old analytics startup shared these growth figures today as it announced the completion of a $23 million round that will go toward scaling up operations.

Logz.io offers a cloud-based service that enables companies to process the diagnostics data they collect about their applications. An organization’s cybersecurity team, for example, could use the platform to look for suspicious activity that may indicate a breach. And administrators can troubleshoot any operational problems that may be hurting user experience.

Logz.io has also added a new artificial intelligence tool to the mix that aims to ease its users’ work. Application Insights takes a similar approach to identifying potential issues as certain cybersecurity tools. According to the startup, the mechanism creates a profile of every application based on day-to-day activity that is used to catch anomalies.

Companies can optionally integrate Application Insights with their development toolkits to extend this visibility to software updates. Logz.io said the tool puts application errors in the context of the specific changes that may be to blame, which can help speed up troubleshooting.

Application Insights is joined by another new capability called Data Optimization that automatically identifies the subset of operational logs with long-term importance. As a result, companies don’t have to store large volumes of diagnostics data just in case a small portion of the records may be needed later.

Logz.io will use the new capital to “continue aggressively investing in production innovation,” as well as expand its Boston headquarters. The round was led by a local fund called OpenView Venture Partners with participation from Vintage Investment Partners and several returning backers.

Just last week, another emerging log processing provider called LogDNA Inc. announced that it has secured $7 million in funding to drive the adoption of its own analytics platform. The startups are both facing off against well-entrenched players such as Splunk Inc., which closed its last quarter with revenues up 32 percent year-over-year.

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