Sumo Logic joins unicorn club following $110m round close
Machine data analytics platform Sumo Logic has closed its latest financing round on $110m, setting its valuation to more than $1bn.
Battery Ventures served as the lead investors, with participation also coming from Tiger Global Management and Franklin Templeton – marking their first investments into Sumo Logic. Several existing backers of Sumo Logic also supplied funds to the round.
This close comes after the RegTech witnessed a strong fiscal year having surpassed $100m in revenue, 2,000 customers and over 100,000 users around the world.
With the new line of funds, Sumo Logic is hoping to foster growth within engineering, sales, and global operations.
There is a particular focus being set towards enhancing the platform’s analytical capabilities. New capabilities developed would address operational, security and business requirements of businesses adopting multi-cloud and hybrid-cloud infrastructure, architecture, tools and processes.
Founded in 2010, SumoLogic is a cloud-native, machine data analytics service which gives businesses real-time intelligence from both semi-structures and unstructured data sources. Sumo Logic helps companies comply with regulations including PCI, HIPAA and GDPR, among others.
Clients can leverage the platform to identify threats to their systems with security metrics alerting teams of any security events into cloud or on-premise technologies. Beyond detection, the technology can prioritise threats by correlating issues, trends and events across a business and evaluating the threat’s potential impact.
Finally, security teams can access a streamlined tool for investigations, with it capable of analysing heaps of data.
Sumo Logic president and CEO Ramin Sayar said, “Sumo Logic’s growth is driven by the shift to digital business and cloud adoption across all industries and companies of all sizes. Its platform helps companies working with cloud solutions to improve operational, security and business analytics.
“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 $110m has brought the company’s total equity raised to date up to $345m.
Copyright © 2019 RegTech Analyst
