Sigmoid, a data engineering, analytics, and AI solutions company, announced that it has closed a Series B investment of $12 million, in a mix of primary and secondary funding from Sequoia Capital India. This takes Sequoia Capital India’s total investment in Sigmoid to $19.3 million. The new capital will fuel the company’s plan to evolve its market offerings, expand delivery centers and cater to new industries.
“The last 12 months have been an inflection point in our growth story. As we gear towards our next phase of growth, we are happy to see Sequoia Capital India continue to believe in us. This will help us to rapidly expand our capabilities in terms of solutions and talent to meet the ever-growing customer demand,” said Lokesh Anand, CEO, and Co-Founder at Sigmoid.
Many large enterprises in CPG, retail, financial services, and other industries turn to Sigmoid to extract strategic business value from data and make smarter business decisions. As an example, for a multinational CPG company, Sigmoid developed self-adapting Multi-Touch Attribution models to enable in-flight campaign optimization, which provided an 11% improvement in the return on marketing investments.
“The AI/ML market continues to grow year-on-year and alongside, the need for solutions to help enterprises adopt and harness this power is growing exponentially. The team at Sigmoid, which stands out for its data and AI engineering excellence, is well-positioned to capture this opportunity. As long-term partners, we are excited to double down on their goal to be the premier engineered data solutions and AI provider for accelerating digital transformation for enterprises across industries,” said Anandamoy Roychowdhary, Principal, Sequoia Southeast Asia.