The recent Series G investment funding awarded Sumo Logic with a $110 million. Tech Crunch reports that the company is valued at more than $1 billion.
The round of funding was spearheaded by Battery Ventures. Other investors who supported Sumo Logic in the Series G investment include Franklin Templeton and Tiger Global Management. The total investment garnered by the company comes to a total of $345 million. Venture Beat mentions that the corporation was able to raise $75 million in 2017 and $80 million in 2015.
Investors are excited to join and support the corporation as it is the “only cloud-native DevSecOps platform built to address the challenges of digital businesses,” states Jonathan Curtis of Templeton, reports Venture Beat.
Plans to Use Funds
According to the chief executive officer of Sumo Logic, Ramin Sayar, the company plans to use its funding for further enhancing and developing their platform. This can be done through acquisitions or through engineering the program.
While the company admits that it has not yet achieved its goal to go public, it remains confident that with its continuous show of support and investment in its tools and engineering efforts, it can expand its IP and expand abroad as well.
Show of Support for the Company
Investors are proud to invest with the firm, particularly with its ability to address the needs of businesses and the public who are transitioning towards a cloud computing platform.
Dharmesh Takker of Battery Ventures state that Sumo Logic’s progressive and early stance on cloud computing and its impressive technology allows it to be a strong competitor or leader in the field.
With the financial help and support being given to Sumo Logic by its investors, it hopes to take challenges head-on as it moves towards a more public profile in the future.