Data solutions startup Sigmoid has closed a Series B round of $12 million (around Rs 94.8 crore) in a mix of primary and secondary funding from Silicon Valley venture capital firm Sequoia Capital India.
The latest fundraise took Sequoia’s total investment in Sigmoid to $19.3 million, the company said in a statement.
Sigmoid will use the fresh capital to strengthen its marketing offering, ramp up sales and branding as well as to scale headcount.
“We have been profitable for the last five years from now and will continue to make investments. We have grown 2.5 times in the last 12-18 months and look to double our revenues over the next one year,” Lokesh Anand, co-founder and chief executive officer at Sigmoid, told VCCircle in an exclusive interaction.
“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,” he added.
“The artificial intelligence and machine learning 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 Roychowdhary, principal, Sequoia Southeast Asia.
Founded by Anand, Mayur Rustagi and Rahul Kumar Singh, Sigmoid is a platform which combines data engineering and AI consulting to help enterprises gain competitive advantage through effective data-driven decision making.
At present, we have 560 employees across India and the US, and will be raising the count to over 1,000 in next 12-18 months, Anand added.
In India, Sequoia intensified its focus on early-stage bets when it launched the Surge programme in January 2019. Till June, it had invested in over 400 startups across India and Southeast Asia, with 36 of them valued at more than $1 billion, including Byju’s, 1mg, Bira, Blinkit (formerly Grofers), Cars24, Meesho and Freshworks, among others. A total of 13 new firms have gone public.
Sequoia India has expanded its geographic reach to include Southeast Asia, betting on startups like Gojek and Tokopedia, which have merged to form GoTo Group, Indonesia’s largest publicly traded internet company.
The data analytics startups in India has been garnering a lot of attention from the investors since post pandemic time.
In May, Synaptic, a data analytics startup, raised $20 million in a Series B funding round led by Valor Equity Partners.
In February, Finarkein Analytics Pvt. Ltd, which runs data analytics platform Finarkein Analytics, secured an undisclosed seed funding co-led by IIFL’s fintech fund and Info Edge’s Redstart Labs.
