San Francisco-headquartered Sigmoid, a technology startup focused on data engineering, analytics, and AI solutions, has raised $12 million in a mix of primary and secondary funding from Sequoia Capital India.
Following the current investment, Sequoia has invested $19.3 million in Sigmoid till date. Founded in 2013 by IIT alumni Lokesh Anand, Mayur Rustagi, and Rahul Kumar Singh, the tech startup aims to utilize the raised capital to increase its market growth, delivery centers expansion, build new capabilities, and focus on newer industry segments.
With a team of over 500 data professionals, Sigmoid leverages data engineering and artificial intelligence (AI) to build solutions that help organizations make effective data-based decisions.
For a leading Fortune 500 FMCG company, It has developed self-adapting multi-touch attribution models to enable in-flight campaign optimization, generating faster bi-weekly insights in a cost-effective manner.
“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,” said Lokesh Anand, who is the Co-founder & CEO of Sigmoid.
Sigmoid said it aims to double down its headcount in the next 12-18 months. Notably, 80% of its workforce is in India, with rest spread over the U.S., the UK, and Europe.
Anandamoy Roychowdhary, Principal, Sequoia Southeast Asia, said, “The AI/ML market continues to grow year-on-year and alongside, 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.”
“As long term partners, we are excited to double-down on their goal to be the premier engineered data solutions and AI provider for accelerating digital transformation for enterprises across industries,” said Anandamoy.
Source @Indianstartupnews
