Shlomo Kramer backed Sumo Logic aims for $100 million Nasdaq IPO
Kramer is also one of the main backers of Israel-based Gong, which recently completed a funding round at a valuation of $2.2 billion
Meir Orbach | 19:14, 26.08.20
U.S.-based cybersecurity company Sumo Logic, Inc. has submitted a filing to the SEC ahead of a planned Nasdaq initial public offering, aiming to raise $100 million.
One of the first investors in the company was Shlomo Kramer, the founder and CEO of Israeli cybersecurity company Cato Networks Ltd. who also co-founded firewall pioneer Check Point. Kramer is estimated to own a 4% share of the company, so was not named in the SEC filing. His shares following the issuance are estimated to be worth roughly $100 million.
Kramer is also one of the main backers of Israel-based Gong, which recently completed a funding round at a valuation of $2.2 billion. The company's revenues in the first quarter of the year were about $47 million, compared to revenues of $32 million in the corresponding quarter last year.
Sumo Logic is a logistics analysis platform for locating and analyzing faults and possible cyberattacks during development and is a competitor of Israeli company logz.io. To date, the company has raised over $230 million. Its investors include Battery Ventures, Sutter Hill Ventures, IVP, Sequoia Capital, Sapphire Ventures, DFJ Growth, and Accel, among others.
