Data analytics startup Sigmoid has secured funding of $12 million. The company will use the money to expand its data engineering and analytics platform.
Following a great year of development, Sigmoid, a startup that helps businesses in the United States, United Kingdom, and Europe sift through their data and draw better insights from it, announced a fresh funding round of $12 million on Thursday.
Sequoia Capital India spearheaded the San Francisco-based startup’s Series B fundraising, which included the purchase of certain secondary shares. According to a release, the investment firm, which disclosed $2.85 billion funds earlier this year for India and Southeast Asia, has invested $19.3 million in Sigmoid to date.
Sigmoid, founded in 2013 by IIT grads Lokesh Anand, Mayur Rustagi, and Rahul Kumar Singh, provides analytics and AI solutions to businesses worldwide. According to the firm, some of its top customers include companies in the consumer products and financial services sectors.
The voyage of Sigmoid has been fascinating. It has been in the market for nearly nine years, but Anand, the company’s chief executive, said that it takes some time to achieve its “real solution-market fit.”
As one might imagine given the nature of this news item, the firm has subsequently hit its stride, increasing its revenue by more than 30 times since 2018 and seeing 2x growth in just one year, he claimed, without providing exact statistics.
Traditional businesses like as Accenture, Infosys, and Cognizant are among Sigmoid’s significant rivals in the industry. Nonetheless, it argues that its unique combination of people, processes, and technology distinguishes it from the competition.
Anand explained, “Our primary focus is on engineering data products. By incorporating that technical component into analytics, we were able to distinguish – and not just differentiate, but also give actual value to our clients.”
Sigmoid now employs over 500 employees and plans to quadruple its workforce in the next 12 to 18 months. Approximately 80% of the startup’s current employees is based in India, with the remainder dispersed across the United States, the United Kingdom, and Europe. According to him, the United States accounts for around three fourths of the startup’s revenue.
It mostly works with Fortune 500 companies. Anand reported that a top Fortune 500 FMCG firm improved its return on marketing investments by 11% as a result of the consumers’ performance.
According to him, Sigmoid intends to use the new cash to develop its services, establish new capabilities, expand its distribution locations, and increase sales.
Sigmoid now maintains its main office in Bengaluru, as well as offices in the United States (Bay Area, Dallas, and New York) and Amsterdam.
Anand stated that the company intends to add one center in the United Kingdom later this year and to boost its personnel across all locations.
Anandamoy Roychowdhary, principal, Sequoia Southeast Asia, said,”The team at Sigmoid, which stands out for its data and AI technical capabilities, are well-positioned to grab this opportunity. As long-term partners, we are pleased to help them achieve their objective of becoming the preeminent provider of engineered data solutions and AI for driving digital transformation for organizations across sectors.”