AI startup Sigmoid raises $12 million from Sequoia Capital

AI solutions provider Sigmoid has raised $12 million funding from Sequoia Capital India today. 

With the current round being a mix of primary and secondary funding, Sequoia has invested $19.3 million in Sigmoid till date.

The startup will use the capital to evolve its market offerings, expand delivery centers and cater to new industries.

“The last 12 months have been an inflection point in our growth. We are happy to see Sequoia Capital India continue to believe in us. This will help us rapidly expand our capabilities in terms of solutions and talent to meet the growing customer demand,” said Lokesh Anand, chief executive officer at Sigmoid.

Established in 2013—IIT Kharagpur alumni Lokesh Anand, Mayur Rustagi and Rahul Kumar Singh found Sigmoid to provide data engineering and AI consulting for enterprises to help them gain competitive advantage through effective data-driven decision making.

According to Anandamoy Roychowdhary, principal, Sequoia Southeast Asia, “The AI and machine learning (ML) market is growing year-on-year and so is the need for solutions to help enterprises adopt and harness this power. The team at Sigmoid, which stands out for its data and AI engineering excellence, is well-positioned to capture this opportunity.” 

The team currently comprises over 500 data professionals, with over 80% of the workforce located in India. Majority of the revenues come from US clients, who are provided with expertise in data engineering, cloud data modernisation, and data operations.