Sumo Logic Completes $75 Million Funding Round
REDWOOD CITY, Calif., 27, 2017 — Sumo Logic today announced a $75 million funding round led by Sapphire Ventures, with participation from new and existing investors including Accel Partners, DFJ Growth, Greylock Partners, Institutional Venture Partners (IVP), Sequoia Capital, Sutter Hill Ventures and others. Sumo Logic has raised a total of $235 million in funding over seven years.
“As businesses increasingly standardize on cloud computing and new operating models such as DevOps to digitally transform, they are also standardizing on new analytics technologies powered by machine learning that provide continuous intelligence to build, run and secure modern applications,” said Ramin Sayar, president and CEO of Sumo Logic. “Sumo Logic’s big bet that a cloud-native, machine data analytics service would become a must-have capability in the digital era is paying off. This investment from Sapphire Ventures and others, along with additional funding by our full investor syndicate, reflects the company’s progress and provides the capital needed to become the dominant SaaS leader in the machine data analytics category.”
The funding will fuel growth across Sumo Logic’s business — spanning engineering, sales and global operations — with an emphasis on extending the platform capabilities of its service to address growing use cases including operational and security analytics, advanced machine learning and IoT. These use cases address the most significant challenges facing organizations embracing digital transformation — getting their arms around the growth of machine data to uncover the intelligence and insights needed to build, run and secure modern applications. According to Barclay’s Big Data Handbook, machine data will account for 40 percent of all data created by 2020, reaching approximately 16 zettabytes.
“The entire analytics sector is being turned upside down by the tectonic shifts in cloud computing, mobile and machine learning, creating the opportunity for new innovative companies to thrive and win major market share,” said Jai Das, managing director at Sapphire Ventures. “Sapphire invested in Sumo Logic because we believe it has many of the dynamics we feel are required for long-term, sustainable leadership — a proven product/market fit, differentiated solution, clear vision, category leadership position, an experienced team, and an addressable market that is rapidly growing. We are excited to partner with Sumo Logic on the next stage of its journey.”
Since the last funding announcement in June 2015, Sumo Logic’s business has scaled significantly, including:
Rapid revenue growth and customer acquisition – Sumo Logic tripled both its annual recurring revenue and its customer count to over 1,500 customers with over 30,000 active users, reflecting every major vertical and company size, from born-in-the-cloud leaders like Salesforce, Pinterest, Zuora, Twilio and Airbnb to digital transformation enterprises, such as Marriott, Hearst, F5, Alaska Airlines and Anheuser-Busch.
Platform innovation and expansion – The Sumo Logic platform is now among the most sophisticated multi-tenant, patented, cloud-native, machine learning driven analytics services in the world. Analyzing well over 100 petabytes of data per day, the system now handles four times the daily ingest volume, providing real-time insights from over 30 million searches per day.
In addition, Sumo Logic platform innovations continue to set the bar for modern tools, including:
- The first to offer a unified logs and metrics solution, providing a single source for trouble-shooting and monitoring of modern applications and supporting infrastructure.
- The first to deliver threat intelligence built in as part of its security analytics solution.
- The Sumo Logic Cloud Flex licensing model addresses the tsunami of machine data volume and diversity of datasets limiting traditional, user-based licensing models.
- A broad application library, which includes integrated solutions with AWS, CrowdStrike, Google Cloud Platform, Heroku, JFrog, Microsoft Azure, MongoDB, New Relic, Pivotal and Trend Micro, all of which, like Sumo Logic, provide the technologies redefining the modern application and infrastructure stack for digital transformation.
Addition of key executive leadership – Sumo Logic recently welcomed four new leaders to its go-to-market teams: Brian Howie, VP of North America, who joined from five years of sales leadership at AppDynamics; Mukesh Sharma, VP of EMEA, who was most recently VP of EMEA at Puppet; Jabari Norton, VP of Global Channels, who joined most recently from Confluent and MapR; and Cian O’Brien, VP of Global Sales Engineering, who joined from New Relic.
Industry recognition – Sumo Logic continues to garner significant industry recognition including Forbes Next Billion Dollar Startup, IDC’s ITOA Innovator 2017, Wealthfront’s Top Career Launching Companies, CRN 40 Coolest Analytics Vendors 2017,
Cloud Awards Best Analytics Solution, Stackify’s Top 50 DevOps Tools, Forbes Cloud 100, Glassdoor Highest Rated CEO, Datanami Reader’s Choice Awards, Equities.com Pioneer 50 and more.
Learn more about Sumo Logic:
- Hear Sapphire Ventures’ take on the news in their blog
- Read Sumo Logic CEO Ramin Sayar’s blog on Democratizing Machine Data
- Attend Illuminate, the Sumo Logic User Conference, Sept. 12-13, 2017
- Understand the trends shaping Modern Application Architecture
- Sign up for Sumo Logic instantly and for free
About Sumo Logic
Sumo Logic is the leading cloud-native, machine data analytics platform delivering real-time continuous intelligence, from structured, semi-structured and unstructured data across the entire application lifecycle and stack. More than 1,500 customers around the globe rely on Sumo Logic for the analytics and insights to build, run and secure their modern applications and cloud infrastructures. With Sumo Logic, customers gain a multi-tenant, service-model advantage to accelerate their shift to continuous innovation, increasing competitive advantage, business value and growth.
Founded in 2010, Sumo Logic is a privately held company based in Redwood City, CA and is backed by Accel Partners, DFJ, Greylock Partners, IVP, Sapphire Ventures, Sequoia Capital and Sutter Hill Ventures. For more information, visit www.sumologic.com.
About Sapphire Ventures
Sapphire Ventures is a venture capital firm focused on helping innovative technology companies become global category leaders. Leveraging nearly two decades of experience and an extensive global enterprise network, Sapphire Ventures invests capital, resources and expertise to enable its portfolio companies to scale rapidly. Whether entrepreneurs sell to businesses, consumers or both, Sapphire Ventures offers a platform for business development and operational excellence to help them accelerate growth. With over $2.4 billion under management via direct growth investments and early-stage fund investments, Sapphire Ventures is positioned to elevate companies to the global stage. Find us in Palo Alto and at www.sapphireventures.com.
Source: Sumo Logic