Machine Data Analytics Firm Sumo Logic Raises $110 Million
Sumo Logic, a SaaS machine data analytics platform provider, today announced that it has secured $110 million through a funding round led by Battery Ventures.
The latest funding brings the total amount raised by the Redwood City, Calif.-based tech company to $345 million, with a current valuation over $1 billion.
Founded in 2010, Sumo Logic says that it has reached more than $100 million in revenue for its FY19 and has more than 2,000 customers around the world using its services. Customers include Airbnb, Pinterest, Samsung, Zuora, Adobe, Alaska Airlines, BBC, Genesys, Hearst Media, Infor, Levi’s, Marriott, and Pitney Bowes.
As a direct competitor of Splunk, Sumo Logic describes its cloud-native, multi-tenant platform as one that helps customers “make data-driven decisions” and reduce time to investigate security and operational issues.
“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,” said Dharmesh Thakker, general partner, Battery Ventures. “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.”
New investors including Tiger Global Management and Franklin Templeton also participated in the round, along with existing investors.