By Sequoia Capital India Sigmoid raises 12 million dollars in Series B financing

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Sigmoid is a data engineering-focused software company, has bought the sum of $12 million as primary as well as secondary funding from Sequoia Capital India in a Series B round of fundraising.

The funds will be used to fund growth of markets, growth of the delivery centers and to focus on the emergence of industries. Sequoia has made an investment of $19.3 million into Sigmoid up to now.

Sigmoid is an software firm which was founded at the end of 2013 by Lokesh Anand Mayur Rustagi as well as Rahul Kumar Singh. The company makes use of artificial intelligence and data engineering to create solutions that aid businesses in making their decisions that are based on information.

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In a statement on the financing, Lokesh Anand, CEO and co-founder of Sigmoid stated, “The last 12 months have been a turning of our story of growth. As we move into the next stage of growth, we’re thrilled to witness Sequoia Capital India continue to be awestruck by us. This will enable us in rapidly expanding our capabilities in the areas of solutions and talents to meet the growing demands of our customers.”

Companies have benefited from sigmoid’s technology solutions across a variety of industries, including retail, consumer products and finance.

According to research conducted by Gartner the company, it was found that by 2025, the 80 percent of businesses trying to build their digital businesses will fail due to the lack of a current approach to the governance of data and analytics.

Anandamoy Roychowdhary, Principal, Sequoia Southeast Asia, said, “The AI/ML market continues to expand year-on-year, and with that, the demand for solutions that help businesses take advantage of this technology and harness its power is increasing exponentially. We at Sigmoid that stands out due to its data-driven approach and AI engineering expertise, is best placed to take advantage of this market.”

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