Sequoia Backs Data solutions Startup Sigmoid In Series B Round

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Sequoia Backs Data solutions Startup Sigmoid In Series B Round
16 Sep 2022
min read

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News Synopsis

Startup for data solutions Sigmoid has completed a Series B round of funding from Silicon Valley venture capital company Sequoia Capital India for $12 million (about Rs 94.8 crore).

According to a statement from the company, Sequoia's overall investment in Sigmoid now stands at $19.3 million. Sigmoid will increase sales and brand awareness, scale headcount, and strengthen its marketing offering with the help of the new funding.

 According to Lokesh Anand, co-founder and CEO of Sigmoid, “We have been profitable for the last five years from now and will continue to make investments. We have grown 2.5 times in the last 12-18 months and look to double our revenues over the next one year,” 

“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,”, he continued.

Anandamoy Roychowdhary, principal, Sequoia Southeast Asia, stated, “The artificial intelligence and machine learning 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,” 

TWN Special