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. .