Data engineering and AI solutions company raises series B funding to accelerate growth
San Francisco, September 15th, 2022 – 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.
By 2025, Gartner states that 80% of organizations seeking to scale digital business will fail because they do not take a modern approach to data and analytics governance. Enterprises today struggle to reap the full benefits of the data ecosystem and Sigmoid aims to address this with its cutting-edge data solutions, AI engineering, and cloud data migration services. Leveraging an agile framework for data, Sigmoid focuses on delivering the highest possible ROI to customers in the shortest possible time. Additionally, the prebuilt accelerators deliver a high success rate for analytics initiatives while ensuring fast delivery of projects, consistently. Many large enterprises in consumer goods, retail, financial services, and other industries turn to Sigmoid to extract strategic business value from data and make smarter business decisions.
“The last 12 months have been an inflexion 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.
“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, are 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.
Sigmoid has been helping organizations accelerate their digital transformation journey while adding scalability and agility:
For a leading F500 FMCG company, Sigmoid developed self-adapting Multi-Touch Attribution models to enable in-flight campaign optimization, generating faster bi-weekly insights in a cost effective manner. This resulted in a 11% improvement on the return on marketing investments.
In another case, for a leading investment bank Sigmoid developed, implemented and optimized the trade surveillance infrastructure to detect MAR, MiFID II and other regulatory compliance issues in a faster and more accurate manner. With the new infrastructure they could efficiently process over 100 MN rows of daily data and resolve various data integrity and latency challenges in their data pipelines.
In the US, for a leading food manufacturer Sigmoid built a centralized data lake by integrating marketing, POS, and financial data in near real-time that made high quality harmonized data available for reporting and analysis across teams. This resulted in 2.5x faster turnaround time to insights.
Founded in 2013 by IIT alumni Lokesh Anand (CEO), Mayur Rustagi (CTO) and Rahul Kumar Singh (CAO), Sigmoid is rightly positioned to accelerate digital transformation for enterprises across industries, with data. Sigmoid builds reliable, scalable data pipelines and accelerators which empower organizations with faster access to business insights.