Sumo Logic, a company that helps business users analyze log files, announced today that it has raised a $75 million series F funding round to keep driving forward. The raise will help power expansion of the company’s product and platform, as well as allowing it to expand its geographic footprint, CEO Ramin Sayar said in an interview.
In particular, the company is looking to improve its AI capabilities, along with its ability to support Internet of Things uses for customers like iRobot, the maker of the Roomba. Sumo Logic will also be expanding its physical presence further into Europe and Asia to meet increased demand.
“With this capital investment, we’re continuing to focus on how do we make it simpler, more cost-effective, and more scalable for users,” Sayar said. “Whether they’re technical users or whether they’re business users, [we want them] to be able to leverage this platform to gain insight into these modern applications, most typically run now on public cloud infrastructures, or those that are running on private and public cloud infrastructures.”
Sumo Logic sells a service that helps businesses more easily find patterns from the activity of their systems. The company’s analytics are designed to help IT operations teams make good decisions about how to maintain the applications and infrastructure in their care. The service also offers threat intelligence to help improve businesses’ security.
Since its last funding round in 2015, Sumo Logic says that it has more than tripled both its annual recurring revenue and its customer count. The company now has more than 1,500 business customers and over 30,000 active users. It is planning to go public, and this raise is a part of that path.
Sapphire Ventures led the round, which also included participation from existing backers like Accel Partners, DFJ Growth, Greylock Partners, Institutional Venture Partners, Sequoia Capital, and Sutter Hill Ventures. Joining the existing pool of Sumo’s investors is part of Sapphire’s strategy, according to Jai Das, a managing director at the firm.
“We try to go and invest a little bit late and then try to pick or invest in companies that we think can be iconic, standalone, public companies,” he said. “So Sumo definitely fits that in our mind.”