Sequoia Capital India invests $12 million in Sigmoid, a provider of data solutions
The data solutions company claimed that with the additional funding, Sigmoid will be able to extend its distribution networks, diversify its clientele, and enhance its market offerings.
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Data engineering, analytics, and artificial intelligence (AI) solutions provider Sigmoid said that it has secured a $12 million Series B fundraising round from Sequoia Capital India, consisting of a combination of primary and secondary funding. The company added that with this round of funding, Sequoia Capital India has now invested a total of $19.3 million in Sigmoid.
The data solutions company claimed that with the additional funding, Sigmoid will be able to extend its distribution networks, diversify its clientele, and enhance its market offerings.
In order to assist businesses with data-driven decision-making to tackle challenging business problems, Sigmoid was founded in 2013 by IIT grads Lokesh Anand, Mayur Rustagi, and Rahul Kumar Singh. Sigmoid develops data solutions, AI engineering, and cloud data migration services.
"Our growth narrative has reached a turning point in the past 12 months. We are pleased that Sequoia Capital India continues to have faith in us as we move forward with our next stage of expansion. In order to fulfil the constantly increasing client demand, this will enable us to quickly expand our capabilities in terms of personnel and solutions, according to Anand, who is also the CEO of Sigmoid.
The business claimed to work with big businesses in the consumer products, retail, financial services, and other sectors.
"As the artificial intelligence and machine learning (AI/ML) market expands year over year, so does the demand for solutions to assist businesses in utilising this capability...
As long-term partners, we are eager to further their objective, according to Sequoia Southeast Asia Principal Anandamoy Roychowdhary.
