Sumo Logic, a Redwood City, California-based continuous intelligence and machine data analytics platform company, announced that it has raised $110 million in funding. This round of funding was led by Battery Ventures. New investors including Tiger Global Management and Franklin Templeton also participated along with existing investors. Including this funding round, Sumo Logic has raised $345 million in total funding.
Now Sumo Logic has a valuation of more than $1 billion and the company saw a record FY19 achievement of more than $100 million in revenue. And Sumo Logic now counts more than 2,000 customers and over 100,000 users worldwide utilizing its service.
“Sumo Logic’s growth is driven by the shift to digital business and cloud adoption across all industries and companies of all sizes,” said Sumo Logic CEO and president Ramin Sayar. “We have proven that we are the platform of choice for not only cloud-native companies, but also enterprise companies and their cloud migration initiatives. It’s great to have such a powerful set of leading investors and ecosystem partners as we accelerate our category leadership.”
This funding round will enable Sumo Logic to continue fueling its business across engineering, sales, and global operations. And it has an emphasis on extending the platform analytics capabilities of its service. These new capabilities will address the operational, security, and business requirements of modern businesses as it rapidly adopts new multi-cloud and hybrid-cloud infrastructure, architecture, tools, and processes.
Some of Sumo Logic’s customers include Airbnb, Pinterest, The Pokemon Co. International, Samsung SmartThings, ABinBev, Adobe, Alaska Airlines, BBC, Genesys, Hearst Media, Infor, Levi’s, Pitney Bowes and USA TODAY NETWORK, and Zuora.
“We have been tracking the Sumo Logic team for some time, and admire the company’s early understanding of the massive cloud-native opportunity and the rise of new, modern application architectures,” added Battery Ventures general partner Dharmesh Thakker. “The company’s fast-growing business dovetails with Battery’s larger thesis on ‘OpenCloud’—open-source and cloud-native technologies working with, not against, new cloud distribution models—and we are thrilled to partner with the team to capture the significant opportunity ahead.”
Sumo Logic’s service is considered one of the most sophisticated cloud-native analytics platforms in the world. And the company is continuing to drive innovation to its platform to meet the demand of its customers. Some of the highlights include a beta cloud SIEM solution (democratizes security analytics across traditional IT and new cloud models including DevSecOps), a new category of analytics insights with Global Intelligence Service, differentiated platform enhancements for better monitoring and troubleshooting distributed microservices-based architectures like Docker, Kubernetes, and Amazon EKS, and the number of employees has been scaled to more than 500.
Sumo Logic also hired a number of leaders to its team. This includes the first independent board members Randy Gottfried, Chuck Robel, and Barracuda CEO BJ Jenkins. Plus Sumo Logic hired Sydney Carey as CFO and Kiki Haar as general counsel.
“We are excited to join Sumo Logic at this important moment in the industry-wide transition to cloud computing,” explained Franklin Templeton VP Jonathan Curtis. “As the only cloud-native DevSecOps platform built to address the challenges of digital businesses, we believe Sumo Logic is well positioned to capture a significant share of its market.”