Sigmoida startup that helps companies in the US, UK and Europe sift through their data and derive better insights from it, has raised $12m in a new round of funding after a strong year of growth , he announced on Thursday.
Sequoia Capital India led the San Francisco-based startup’s Series B funding, which included the purchase of secondary shares, the two said. The investment giant, which earlier this year unveiled $2.85 billion of funds for India and Southeast Asia, has invested $19.3 million in Sigmoid to date, according to a press release.
Founded in 2013 by IIT alumni Lokesh Anand, Mayur Rustagi and Rahul Kumar Singh, Sigmoid provides analytics and AI solutions to businesses worldwide. Companies operating in the consumer goods and financial services categories are among Sigmoid’s biggest customers, the startup said.
Sigmoid’s journey has been remarkable. This has been in the market for about nine years, but says it took a while to find its “real market-ready solution at first,” Anand, who serves as its chief executive, told TechCrunch in an interview. As you might expect from the nature of this news, the startup has since found its stride, growing revenue more than 30x since 2018 and achieving 2x growth in just one year, he said, without sharing precise numbers.
Sigmoid sees traditional players including Accenture, Infosys and Cognizant as some of its main competitors in the market. Nonetheless, he feels that its combination of people, process and technology makes it a completely different entity.
“We have a very strong focus on engineering data products,” Anand said. “So bringing that engineering component into the analysis helped us differentiate ourselves – and not just differentiate ourselves, but deliver real value to our customers.”
Sigmoid has a team of over 500 people, aiming to double in the next 12-18 months. Around 80% of the startup’s current workforce is in India, with the rest spread across the US, UK and Europe. About three-quarters of the startup’s business comes from the United States, he said.
He largely works with Fortune 500 companies. A leading Fortune 500 FMCG company received an 11% improvement in marketing ROI, Anand said of client performance.
Sigmoid plans to deploy the new funds to bolster its offerings, build new capabilities, expand delivery centers and improve sales, he said.
Currently, Sigmoid has its main center in Bengaluru, as well as those in the United States – in the Bay Area, Dallas and New York – and in Amsterdam. It plans to open a center in the UK later this year and increase staffing across all centres, Anand said.
“The Sigmoid team, distinguished by its excellence in data engineering and AI, is well placed to seize this opportunity. As long-term partners, we are excited to double down on their goal of being the premier provider of technical data and AI solutions to accelerate the digital transformation of businesses across all industries,” said Anandamoy Roychowdhary, Director, Sequoia Southeast Asia, in a prepared statement.