Battery Ventures, Tiger Global Management and Franklin Templeton Sign on to Back Sumo Logic’s Industry Leading Continuous Intelligence Platform
Sumo Logic, the leading cloud-native, machine data analytics platform that delivers continuous intelligence, announced a $110 million funding round led by Battery Ventures, with contributions from new investors including Tiger Global Management and Franklin Templeton, as well as participation from existing investors. With a current valuation over $1 billion, a record FY19 achievement of more than $100 million in revenue, and over 2,000 customers and more than 100,000 users worldwide leveraging its service, Sumo Logic is firmly positioned as the SaaS machine data analytics leader of choice for the cloud era.
“Sumo Logic’s growth is driven by the shift to digital business and cloud adoption across all industries and companies of all sizes,” said Ramin Sayar, president and CEO, Sumo Logic. “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 $110 million in funding brings total funding to date to $345 million. The investments will continue to fuel Sumo Logic’s business – spanning engineering, sales, and global operations – with an emphasis on extending the platform analytics capabilities of its service. These new capabilities address the operational, security and business requirements of modern businesses as they rapidly adopt new multi-cloud and hybrid-cloud infrastructure, architecture, tools, and processes.
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“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.”
“We are excited to join Sumo Logic at this important moment in the industry-wide transition to cloud computing,” said Jonathan Curtis, Vice President, Franklin Templeton. “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.”
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Since the last funding round in June 2017, Sumo Logic’s business has scaled significantly as a result of its focused multi-year growth strategy including:
Rapid revenue growth and customer acquisition – The company increased its customer count to over 2,000 with more than 100,000 active users globally, representing every major vertical and company size, from born-in-the-cloud leaders like Airbnb, Pinterest, The Pokemon Co. International, Samsung SmartThings, and Zuora, to digital transformation enterprises such as ABinBev, Adobe, Alaska Airlines, BBC, Genesys, Hearst Media, Infor, Levi’s, Marriott, Pitney Bowes and USA TODAY NETWORK.
Platform innovation and company expansion – The Sumo Logic service is among the most sophisticated multi-tenant, cloud-native, analytics platforms in the world. The company has continued to drive innovation of the platform to help meet the ever-changing needs of its customers. A few notable highlights:
- Unveiled beta cloud SIEM solution to democratize security analytics across traditional IT and new cloud models including DevSecOps
- Introduced a new category of analytics insights with Global Intelligence Service, designed to extend machine learning and benchmarking data to new teams and use cases across the enterprise
- Differentiated platform enhancements to better monitor and troubleshoot distributed microservices-based architectures such as Docker, Kubernetes, and Amazon EKS to drive better customer experiences
- Scaled number of employees to more than 500 and expanded global footprint in Europe, Japan and across Asia-Pacific (APAC) to meet the growing demand for cloud-native machine data analytics
Addition of key executive leadership – In the past 12 months, Sumo Logic has welcomed a number of new leaders to the team. These include the company’s first independent board members Randy Gottfried, Chuck Robel and Barracuda CEO BJ Jenkins. In addition, Sumo Logic added Sydney Carey as chief financial officer, and Kiki Haar as general counsel, among others.
Industry recognition – Sumo Logic continues to garner significant industry recognition including: 2019 Best Workplaces in Technology by Great Place to Work® and FORTUNE, Forbes Cloud 100 List, JMP Securities’ 2018 Hot 100 List, Wealthfront 2019 Career Launching Company, CRN 20 Coolest Cloud Security Vendor and Business Analytics Company and more.
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