Data engineering and artificial intelligence (AI) solutions provider Sigmoid on Thursday said it has raised $12 million in a mix of primary and secondary funding in its latest funding round from Sequoia Capital India.
The startup will use the capital to develop its market offering, expand delivery centres and acquire new industries.
Founded in 2013 by IIT Kharagpur alumni Lokesh Anand, Mayur Rustagi and Rahul Kumar Singh, Sigmoid provides data engineering and AI consulting to help businesses gain competitive advantage through effective data-driven decision-making.
Lokesh Anand, Managing Director of Sigmoid, said, “The last 12 months have been a watershed point of our growth. We are delighted that Sequoia Capital India continues to believe in us. This will help us rapidly scale our solutions and talent capabilities to meet growing customer demand.”
Anandamoy Roychowdhary, Director of Sequoia Southeast Asia, said, “The AI and machine learning (ML) market is growing year on year and so is the need for solutions to help businesses embrace and harness this power Sigmoid’s data and AI engineering ence team is well positioned to capitalize on this opportunity.”
The startup’s solutions are used across industries such as FMCG and investment banking to improve campaign optimization and marketing ROI and to find compliance issues faster during business oversight.
Currently, Sigmoid includes a team of more than 500 data professionals who provide expertise in data engineering, cloud data modernization, artificial intelligence and data operations. Of this, 80% of the workforce is in India, with most of its revenue coming from US clients.