San Francisco-based data analytics startup Sigmoid has raised $12 Mn in funding in a Series B round led by existing investor Sequoia India.
The startup will deploy the incoming funding to work on its products, expand delivery centers and cater to new industries. It already offers products and services for enterprises working in retail, insurance, banking, adtech, CPG and life sciences.
With the current funding round, Sequoia India has now invested $19.3 Mn in the enterprisetech startup.
Founded in 2013 by Lokesh Anand, Mayur Rustagi and Rahul Kumar Singh, Sigmoid builds data pipelines and accelerators which allow organisations to have faster access to business insights. Sigmoid combines data engineering and AI consulting to help enterprises with data-driven decision-making. Sigmoid provides expertise in data engineering, cloud data modernisation, artificial intelligence and DataOps.
The SaaS startup has several products focused on marketing, including Sigview, a data analytics tool for adtech, Marketing Mix Modeling and Marketing Measurement Plan. It offers services such as cloud data warehousing, MLOps, DataOps, data pipelines and analytics related to consumers, marketing and supply chains.
Speaking about the funding, Anand, the CEO, 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.”
Anandamoy Roychowdhary, principal, Sequoia Southeast Asia said that the AI/ML market continues to grow year-on-year and alongside, the need for solutions to help enterprises adopt and harness this power.
“As long-term partners, we are excited to double down on their [Sigmoid’s] goal to be the premier engineered data solutions and AI provider for accelerating digital transformation for enterprises across industries,” added Roychowdhary.
A Gartner report cited by Sigmoid also stated that 80% of organizations seeking to scale their digital business will fail to do so because these organizations fail to take a modern approach to data and analytics governance. The startup added that it is addressing the gap in the market caused by this.
The enterprisetech startup ecosystem is among the largest in India’s startup ecosystem, having produced 20 unicorns so far, including listed companies Freshworks and MapmyIndia.
Enterprisetech startups have raised $11.66 Bn across 1,390 deals between 2014 and Q2 2022, putting it fourth and first in each segment respectively,
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