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BIG DATA
Sumo Logic joins the unicorn club with $110 million funding
Two years after its last funding round, Sumo Logic Inc. has decided to raise outside capital again, announcing this morning that it has closed a hefty $110 million investment led by Battery Ventures.
Tiger Global Management, Franklin Templeton and a number of the startup’s prior backers contributed as well. The capital injection brings its total raised to $345 million.
Sumo Logic sells a cloud-based analytics platform that helps companies put to use the vast amounts of data generated by their infrastructure. The service can ingest Amazon Web Services security logs, performance records from on-premises servers and many other types of operational information. This data is turned into visual dashboards that enable administrators to keep an eye out for potential technical issues, as well as identify the root cause of the problems they find.
Each team in an information technology department can customize the platform for their needs. The network protection group can create a dashboard for monitoring suspicious activity, while the database administrators could build one that tracks MySQL query performance.
“Our platform uniquely helps all those different constituents across the organization share and collaborate, but also rely on one vendor,” Ramin Sayar (pictured), Sumo Logic’s chief executive, explained in an interview on SiliconANGLE’s theCUBE Studio last year. “[It’s] one platform that spans not just AWS but also GCP, Azure and 40 percent of the data we collect every day comes from on-prem. So we give them that single platform that spans everything they need.”
Sumo Logic’s one-stop-shop value proposition helped hit $100 million in annual revenues last year. The startup claims more than 2,000 customers worldwide, including Pinterest Inc., Marriott International Inc., Samsung Electronics Co. Ltd. and other big names.
On top of growing its customer base, Sumo Logic has also been adding more analytics capabilities to its platform. The startup doubled down on security monitoring last September by adding in a tool that can help administrators find signs of a breach. Sumo Logic said that it will use the new funding to further accelerate its growth efforts with a particular emphasis on feature development.
According to the startup, the round gives it a valuation of more than $1 billion.
Photo: SiliconANGLE
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