Sumo Logic, which offers cloud-based SIEM (security information and event management), has raised $110 million in a funding round led by investment firm Battery Ventures. Investors Tiger Global Management and Franklin Templeton also participated in the funding round.
Sumo Logic has raised $345 million to date. In addition, Sumo Logic now has a valuation of over $1 billion, the company says.
The funding comes just as rival SIEM provider Exabeam raises $75 million.
What Does the New Funding Mean for Sumo Logic?
Sumo Logic will use the new funding to grow its engineering, sales and global operations teams, the company said. It also is focused on expanding its machine data analytics service's capabilities.
Sumo Logic provides a software-as-a-service (SaaS) platform that enables organizations to manage and secure applications at cloud scale, the company noted. The platform's features include:
- Real-time analytics.
- Custom dashboards.
- More than 150 applications and integrations.
Meanwhile, Sumo Logic recorded more than $100 million in total revenue in fiscal year 2019. Over 2,000 customers and more than 100,000 users worldwide leverage Sumo Logic's machine data analytics service, too.
Cybersecurity Companies Partner with Sumo Logic
Several cybersecurity companies recently integrated Sumo Logic capabilities into their offerings, including:
- eSentire: Incorporated Sumo Logic log management and security analytics capabilities into its managed detection and response (MDR) platform.
- SentinelOne: Enables Sumo Logic customers to leverage its endpoint protection platform to detect and address known and unknown threats across cloud and on-premises environments.
- CloudPassage: Empowers security, IT operations and development and operations (DevOps) teams to correlate CloudPassage data with other data streams in Sumo Logic.
Sumo Logic also provides a partner program for MSSPs, MSPs and technology resellers. This program enables partners to leverage the Sumo Logic machine data analytics service to extend how they develop, operate and secure their applications, the company stated.