Data analytics and AI solutions provider Sigmoid has raised $12 million in a round mix of primary and secondary funding.
The startup will use the fresh capital to expand its market offerings, hire new talent, and expand its delivery centres for better customer success.
The latest round was led by Sequoia Capital India.
"The AI and machine learning (ML) market is growing year-on-year and so is the need for solutions to help enterprises adopt and harness this power. The team at Sigmoid, which stands out for its data and AI engineering excellence, is well-positioned to capture this opportunity, " said Anandamoy Roy Chowdhary, Principal.
The firm was founded in 2013 by IIT Kharagpur alumni Lokesh Anand, Mayur Rustagi and Rahul Kumar Singh with the aim to provide data engineering and AI consulting. The setup enables enterprises to gain a competitive advantage through effective data-driven decision-making.
The firm's workforce comprises of 500 data professionals, with over 80% of the workforce located in India.
Sigmoid's services are leveraged across industries such as FMCG and investment banking to improve campaign optimisation and ROI; also to faster locate regulatory compliance issues during trade surveillance. The majority of the revenues come from US clients, who are provided with expertise in data engineering, cloud data modernisation, and data operations.
“The last 12 months have been an inflection point in our growth. We are happy to see Sequoia Capital India continue to believe in us. This will help us rapidly expand our capabilities in terms of solutions and talent to meet the growing customer demand,” said Lokesh Anand, CEO, Sigmoid.