Sequoia infuses additional $12 mn in data analytics startup Sigmoid

American venture capital firm, Sequoia Capital has doubled its investment in data engineering and artificial intelligence startup Sigmoid by making an additional investment of $12 million in the series B funding round. With this latest fresh capital infusion, Sequoia's overall investment in the startup is around $19.3 million.

The fresh capital is expected to drive Sigmoid's market offerings, expand delivery centres and cater to new industries.

Lokesh Anand, co-founder, and chief executive at Sigmoid said, the second round of funding from Sequoia will help us rapidly expand our capabilities in terms of solutions and talent to meet the ever-growing customer demand, as reported by PTI.

Sigmoid enables business transformation using data and analytics, leveraging real-time decisions through insights, by building modern data architectures using cloud and open source technologies.

Founded by IIT alumni Lokesh Anand (CEO), Mayur Rustagi (CTO), and Rahul Kumar Singh (CAO) in 2013, Sigmoid's next-gen data engineering and AI/ML solutions have delivered real-world business impact, accounting for hundreds of millions of dollars for Fortune 500 companies.

Meanwhile, Anandamoy Roychowdhary, a principal at Sequoia Southeast Asia said that 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 therefore this doubling down on Sigmoid.

Notably, Sequoia Capital India and Sequoia Capital Southeast Asia have partnered with founders of a wide range of companies across categories such as Byju's, Cred, Druva, Five Star Finance, Freshworks, Goto, Groww, Kopi Kenangan, Mamaearth, Pine Labs, Polygon, Razorpay, Truecaller, Zomato and among others.