Sequoia Capital India invests $12 million in data solutions firm Sigmoid 

Representative image.

Data engineering, analytics, and artificial intelligence (AI) solutions company Sigmoid, said it has raised a Series B funding round of $12 million, in a mix of primary and secondary funding from Sequoia Capital India. The company also said that this round of funding takes Sequoia Capital India’s total investment in Sigmoid to $19.3 million.

The data solutions firm said the new capital will fuel Sigmoid’s plan to evolve its market offerings, expand delivery centres and cater to new industries.

Founded in 2013 by IIT alumni Lokesh Anand, Mayur Rustagi, and Rahul Kumar Singh, Sigmoid builds data solutions, AI engineering, and cloud data migration services to help companies with data-driven decision-making to solve complex business problems.

“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,” said Anand, who is also the chief executive officer of Sigmoid.

The company said it deals with large enterprises in consumer goods, retail, financial services, and other industries.

“The artificial intelligence and machine learning (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...As long-term partners, we are excited to double down on their goal...,” said Anandamoy Roychowdhary, Principal at Sequoia Southeast Asia.