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Sequoia Capital India has doubled down its investment in the data engineering and artificial intelligence startup Sigmoid with an additional $12 million in a series B round.
The second round takes Sequoia’s overall investment in the startup to $19.3 million, the company said in a statement on Thursday.
The new capital will fuel its market offerings, expand delivery centres and cater to new industries, it added.
Founded in 2013 by IIT alumni Lokesh Anand (CEO), Mayur Rustagi (CTO) and Rahul Kumar Singh (CAO), Sigmoid helps its clients across industries accelerate their digital transformation with data as it builds reliable, scalable data pipelines and accelerators that empower organizations with faster access to business insights.
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, said Lokesh Anand, cofounder and chief executive 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 therefore this doubling down on Sigmoid, said Anandamoy Roychowdhary, a principal at Sequoia Southeast Asia.
Sequoia Capital India and Sequoia Capital Southeast Asia actively partner with founders from a wide range of companies across categories, including Byju’s, Cred, Druva, Five Star Finance, Freshworks, Goto, Groww, Kopi Kenangan, Mamaearth, Pine Labs, Polygon, Razorpay, Truecaller, Zomato and more.
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