7.5 C
London
Wednesday, September 28, 2022

Sigmoid raises $12 million to scale up its data engineering and analytics platform • londonbusinessblog.com

Must read

Razorpay Enters Loyalty and Rewards Segment with PoshVine Acquisition

Payment service provider Razorpay has announced the acquisition of PoshVine, a loyalty and rewards management platform.This marks Razorpay's entry into the loyalty and rewards...

Jolie Poirier

Jolie Poirier is a 33-year-old Instagram model, influencer, businesswoman and philanthropist. This versatile woman is better known as the wife of former Interim...

Hurricane Ian heads for Florida as ‘extremely dangerous major hurricane’

Hurricane Ian remained on Florida's Gulf coast on Tuesday as an "extremely dangerous major hurricane" after shutting power to all of Cuba, officials said.The...

Roundtable aims to bring AngelList-style syndicates to Europe • londonbusinessblog.com

Meet Round tablea new startup supported by eFounders that aims to bring community-driven angel investment to European startups. The company has built a...
Shreya Christinahttps://londonbusinessblog.com
Shreya has been with londonbusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider londonbusinessblog.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

sigmoida startup that helps companies in the US, UK and Europe search their data and extract better insights from it has raised $12 million in a new round of funding after a strong year of growth, it said Thursday.

Sequoia Capital India led the Series B financing of the San Francisco-headquartered startup, which included a number of secondary share purchases, the two said. The investment giant, which unveiled $2.85 billion in funds for India and Southeast Asia earlier this year, has invested $19.3 million in Sigmoid to date, according to a statement.

Founded in 2013 by IIT alumni Lokesh Anand, Mayur Rustagi and Rahul Kumar Singh, Sigmoid provides analytics and AI solutions to companies around the world. Companies operating in the consumer goods and financial services categories are among Sigmoid’s largest customers, the startup said.

Sigmaid’s journey was remarkable. It has been on the market for about nine years, but says it initially took some time to find its “true solution-market-fit,” Anand, who serves as chief executive, told londonbusinessblog.com in an interview. As you might expect from the nature of this news release, the startup has since found its pace, expanding its revenue more than 30 times since 2018 and growing 2x in just one year, he said, without sharing specific numbers.

Sigmoid sees traditional players, including Accenture, Infosys and Cognizant, as some of its main competitors in the market. Nevertheless, it believes that the mix of people, processes and technology makes it an entirely different whole.

“Our focus is very much on the technical data products,” says Anand. “So by bringing that technical component into analytics, we’ve helped differentiate — and not just differentiate, but deliver real value to our customers.”

Sigmoid has a team of over 500 people, aiming to double over the next 12 to 18 months. About 80% of the startup’s current workforce is located in India, with the rest spread across the US, UK and Europe. About three-quarters of the startup’s revenue comes from the US, he said.

It largely works with Fortune 500 companies. A leading Fortune 500 FMCG company received an 11% improvement in return on marketing investment, Anand said of customer performance.

Sigmoid plans to use the new funds to strengthen its offerings, build new capabilities, broaden delivery centers and improve its sales, he said.

Currently, Sigmoid has its primary center in Bengaluru, along with those in the US – in the Bay Area, Dallas and New York – and Amsterdam. It plans to open one center in the UK later this year and increase the workforce in all centres, Anand said.

“The Sigmoid team, which stands out for its data and AI engineering excellence, is well positioned to seize this opportunity. As long-term partners, we are excited to double down on their goal of being the premier engineered data solutions and AI provider for accelerating digital transformation for enterprises across industries,” said Anandamoy Roychowdhary, principal, Sequoia Southeast Asia, in a prepared statement. .

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Razorpay Enters Loyalty and Rewards Segment with PoshVine Acquisition

Payment service provider Razorpay has announced the acquisition of PoshVine, a loyalty and rewards management platform.This marks Razorpay's entry into the loyalty and rewards...

Jolie Poirier

Jolie Poirier is a 33-year-old Instagram model, influencer, businesswoman and philanthropist. This versatile woman is better known as the wife of former Interim...

Hurricane Ian heads for Florida as ‘extremely dangerous major hurricane’

Hurricane Ian remained on Florida's Gulf coast on Tuesday as an "extremely dangerous major hurricane" after shutting power to all of Cuba, officials said.The...

Roundtable aims to bring AngelList-style syndicates to Europe • londonbusinessblog.com

Meet Round tablea new startup supported by eFounders that aims to bring community-driven angel investment to European startups. The company has built a...

YC-backed fintech Numida raises $12.3 million led by Serena Ventures to provide loans to SMEs outside Uganda • londonbusinessblog.com

Micro, small and medium-sized enterprises (SMEs) across Africa make up the bulk — over 90% — of the continent's businesses, but are still marginalized...