Sigmoid raises $12 mn in Series B funding from Sequoia Capital India

• ByStartupStory     |    September 15, 2022

Sigmoid, a data engineering-focused software business, has acquired $12 million in main and secondary capital from Sequoia Capital India in a Series B fundraising round.

This funding will be used for market development, expansion of delivery hubs, and a concentration on emerging industrial categories. Sequoia is reported to have invested $19.3 million in Sigmoid to date.

Sigmoid is a software company that was established in 2013 by Lokesh Anand, Mayur Rustagi, and Rahul Kumar Singh. The company uses data engineering and artificial intelligence to develop solutions that assist organizations in making choices based on data.

While commenting on the funding, Lokesh Anand, CEO, and Co-founder of Sigmoid said, “The last 12 months have been an inflection 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.”

Businesses have used sigmoid’s technological solutions in several industries, including consumer products, retail, and finance.

According to research by Gartner, the company said that by 2025, around 80% of organizations attempting to develop their digital businesses would fail due to their lack of a contemporary approach to data and analytics governance.

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.”

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