Sumo Logic, whose software manages and analyses IT log files, has raised $30 million in its latest round of funding, bringing their total funding to $80.5 million. The funding round was led by Sequoia Capital, with exisiting investors Greylock Partners, Sutter Hill Ventures, and Accel Partners also participating.
“We have seen powerful growth in the past year and this investment by Sequoia validates what we are doing,” stated Vance Loiselle, CEO of Sumo Logic. “We plan to seize the opportunity now to extend the business into Europe and Asia, where we see wide-open demand for machine data analytics.”
Sumo Logic is a cloud-based software solution which mangages system log files to give companies a greater insight into the functioning of their IT systems. The software offers an insight across a company’s IT infrastructure, including the company’s apps, servers and network. Sumo Logic also uses machine learning in its LogReduce feature to sort log file data into patterns, meaning anomalies and errors and can be identified before the become major issues. If a major error does occur, Sumo Logic can pinpoint it almost immediately, and save the IT department of a company wading through tens of thousands of log files to find the error.
The continued growth of Sumo Logic is bad news for their competitors in the log-management field, Splunk. Deutsche Bank‘s Karl Keirstead recently named Sumo Logic as the biggest factor behind Splunk’s plummeting stock, which has dropped nearly 60% since February. Only time will tell which company will eventually dominate the IT infrastructure management market.