Sigmoid, a startup that helps organizations in the U.S., U.K. and Europe refine their data and get better insights from it, said Thursday it raised $12 million in a new funding round after a strong year of growth.
San Francisco-headquartered Sequoia Capital India led the startup’s Series B funding, which includes some secondary share buybacks, the two said. The investment giant, which announced a $2.85 billion fund for India and Southeast Asia earlier this year, has so far invested $19.3 million in Sigmoid, according to a statement.
In the year Founded in 2013 by IIT graduates Lokesh Anand, Mayur Rustagi and Rahul Kumar Singh, Sigmoid provides analytics and AI solutions to companies around the world. Firms operating in the consumer goods and financial services categories are some of Sigmoid’s biggest customers, the startup said.
Sigmoid’s journey was remarkable. He It’s been in the market for nine years, but it took some time at first to find “the right solution-market fit,” Anand, who serves as CEO, told TechCrunch in an interview. As you’d expect from the nature of this news content, the startup has gained momentum, expanding revenue more than 30 times since 2018 and growing 2x in a year, though they haven’t shared specific figures.
Sigmoid sees traditional players including Accenture, Infosys and Cognizant as some of its key competitors in the market. However, it believes its mix of people, process and technology makes it a whole different entity.
“Our focus is on engineering information products,” said Anand. “So bringing that engineering component to analytics has helped us differentiate—and not just differentiate, but deliver real value to our customers.”
Sigmoid has a team of over 500 people with plans to double in size over the next 12 to 18 months. About 80% of the startup’s workforce is based in India, with rest spread across the US, UK and Europe. About three-quarters of the startup’s business comes from the US, he said.
He works mostly with Fortune 500 corporations. A leading Fortune 500 FMCG company has seen an 11% improvement in return on marketing investments, Anand said of its clients’ performance.
Sigmoid said it plans to use the new funds to strengthen its offerings, build new capacities, expand delivery centers and grow sales.
Currently, Sigmoid has its headquarters in Bengaluru, with US presence in the Bay Area, Dallas and New York, and Amsterdam. Anand said it plans to open one center in the UK later this year and increase headcount across all centres.
“The team at Sigmoid, standing at the forefront of data and engineering, is well-positioned to seize this opportunity. As long-term partners, we are excited to double down on their goal of becoming an AI provider to accelerate the digital transformation of enterprises in leading engineering data solutions and industries.” said Anandamoy Roychowdhury, CEO, Sequoia Southeast Asia, in a prepared statement.
