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Data Analytics Vendor Sumo Logic Raises $110M To Fuel More Growth

Sumo Logic has $100 million of annual revenue on a valuation of more than $1 billion, providing data analytics services to businesses like Airbnb, Pinterest, Levi’s and Marriott.

Sumo Logic has raised another $110 million to extend the platform analytics capabilities of its service across engineering, sales and global operations.

The Redwood City, Calif.-based SaaS machine data analytics company said using the proceeds to extend Sumo Logic's capabilities will help address the operational, security and business requirements of modern companies as they adopt new multi-cloud and hybrid cloud infrastructure, architecture, tools, and processes.

"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," Ramin Sayar, Sumo Logic president and CEO, said in a statement. "It's great to have such a powerful set of leading investors and ecosystem partners as we accelerate our category leadership."

[Related: Big Data Startup Sumo Logic Taps Former VMware, HP Exec As New CEO]

The funding round was led by Battery Ventures, and includes contributions from new investors Tiger Global Management and Franklin Templeton, according to Sumo Logic. All told, the company has raised $345 million of outside funding since being founded nine years ago. Sumo Logic didn't immediately respond to a request for additional comment.

"We are excited to join Sumo Logic at this important moment in the industry-wide transition to cloud computing," Franklin Templeton Vice President Jonathan Curtis said in a statement. "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."

Sumo Logic has some 500 employees, 2,000 customers, 100,000 users and a valuation of more than $1 billion, with the company notching more than $100 million of revenue in its most recent fiscal year. The company's customers rang from born-in-the-cloud leaders like Airbnb, Pinterest and The Pokemon Co. International to digital transformation enterprises like Alaska Airlines, BBC, Levi's and Marriott.

Since Sumo Logic's $75 million funding round in June 2017, the company has unveiled a beta cloud SIEM offering to democratize security analytics across traditional IT and new cloud models including DevSecOps. In addition, the company has introduced Global Intelligence Service to extend machine learning and benchmarking data to new teams and use cases across the enterprise.

The company said it has also implemented differentiated platform enhancements to better monitor and troubleshoot distributed microservices-based architectures such as Docker, Kubernetes and Amazon EKS. And from a coverage standpoint, Sumo Logic has expanded its global footprint in Europe, Japan and across Asia-Pacific to meet the growing demand for cloud-native machine data analytics.

"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," Battery Ventures General Partner Dharmesh Thakker said in a statement. "We are thrilled to partner with the team to capture the significant opportunity ahead."

Over the past year, Sumo Logic has brought in a new chief financial officer and general counsel, as well as its first three independent board members, which include Barracuda CEO BJ Jenkins. The company has increased its headcount by 32 percent in the most recent 12 months, according to LinkedIn, and its 36 percent of its employees in sales-related functions and 24 percent in engineering-related functions.

Sumo Logic said it works with systems integrators and resellers like SHI and Slalom, as well as managed service providers such as Cloud Technology Partners, eSentire, Nordcloud, and Smartronix.

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