Sigmoid raises $12 million to scale its knowledge engineering and analytics platform

Sigmoid, a startup serving to companies within the U.S., U.Okay. and Europe comb by way of their knowledge and derive higher insights from it, has raised $12 million in a brand new financing spherical following a robust yr of development, it stated Thursday.

Sequoia Capital India led the San Francisco-headquartered startup’s Series B funding, which included some secondary shares buy, the 2 stated. The funding large, which unveiled $2.85 billion funds earlier this yr for India and Southeast Asia, has invested $19.3 million in Sigmoid thus far, in line with a press release.

Founded in 2013 by IIT alumni Lokesh Anand, Mayur Rustagi and Rahul Kumar Singh, Sigmoid presents analytics and AI options to firms across the globe. Firms working in shoppers items and monetary providers classes are a few of Sigmoid’s largest prospects, the startup stated.

Sigmoid’s journey has been exceptional. It has been out there for about 9 years, however says it initially took a while to seek out its “true solution-market fit,” Anand, who serves as its chief government, informed Thealike in an interview. As you possibly can count on from the character of this news merchandise, the startup has since discovered its tempo, increasing its income by greater than 30 occasions since 2018 and making 2x development in only one yr, he stated, with out sharing particular figures. 

Sigmoid sees conventional gamers together with Accenture, Infosys and Cognizant as a few of its key opponents out there. Nonetheless, it believes that its combine of individuals, course of and know-how make it a unique entity altogether.

“Our focus is very heavily on the engineering data products,” stated Anand. “So, bringing that engineering component in analytics has helped us differentiate — and not only differentiate but deliver true value to our customers.”

Sigmoid has a workforce of over 500 individuals, aiming to double down within the subsequent 12 to 18 months. About 80% of the startup’s present workforce is in India, with relaxation unfold over the U.S., the UK and Europe. About three-fourths of the startup’s enterprise comes from the U.S., he stated.

It works largely with Fortune 500 companies. A number one Fortune 500 FMCG firm acquired an 11% enchancment in its return on advertising investments, Anand stated of the purchasers’ efficiency.

Sigmoid plans to deploy the recent funds to strengthen its choices, construct new capabilities, broaden supply facilities and improve its gross sales, he stated.

Currently, Sigmoid has its main middle in Bengaluru, together with those within the U.S. — within the Bay Area, Dallas and New York — and Amsterdam. It is planning to open one middle within the U.Okay. later this yr and improve its headcount throughout all facilities, Anand stated.

“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,” stated Anandamoy Roychowdhary, principal, Sequoia Southeast Asia, in a ready assertion.

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