Sigmoid, a tech startup focused on data engineering, has raised $12 million in a Series B round from Sequoia Capital India—in a mix of primary and secondary funding.
The startup plans to use this capital for market growth, expansion of delivery centres, and to focus on newer industry segments. Till now, Sequoia has invested $19.3 million into Sigmoid.
On the funding received, Lokesh Anand, CEO and Co-founder of Sigmoid said, “The last 12 months have been an inflexion point in our growth story. As we gear towards our next phase of growth, we are happy to see Sequoia Capital India continue to believe in us. This will help us to rapidly expand our capabilities in terms of solutions and talent to meet the ever-growing customer demand.”
Founded in 2013 by Lokesh Anand, Mayur Rustagi, and Rahul Kumar Singh, Sigmoid leverages data engineering and artificial intelligence to build solutions that help organisations make data-based decisions.
On the investment, Anandamoy Roychowdhary, Principal, Sequoia Southeast Asia, said,
“The AI/ML market continues to grow year-on-year and alongside that, the need for solutions to help enterprises adopt and harness this power is growing exponentially. The team at Sigmoid, which stands out for its data and AI engineering excellence, are well-positioned to capture this opportunity.”
The technology solutions of Sigmoid have been deployed across enterprises in sectors such as consumer goods, retail, financial services etc.
Citing a study by Gartner, the startup noted that by 2025, around 80% of organisations seeking to scale digital business will fail because they do not take a modern approach to data and analytics governance.