Sequoia Capital India has doubled down on its investment in the data engineering and artificial intelligence (AI) start-up Sigmoid with an additional $12 million in a series B round.
The company said in a statement on Thursday that the second round takes Sequoia's overall investment in the start-up to $19.3 million. It added that the new capital will fuel its market offerings, expand delivery centres, and cater to new industries.
Founded in 2013 by IIT alumni Lokesh Anand, Mayur Rustagi and Rahul Kumar Singh, Sigmoid helps its clients across industries accelerate their digital transformation with data. 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 Anand who is also the start-up's chief executive officer.
“The AI and machine learning (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,” added Anandamoy Roychowdhary, a principal at Sequoia Southeast Asia.
Sequoia Capital India and Sequoia Capital Southeast Asia have backed various start-ups, including Byju's, Cred, Druva, Five Star Finance, Freshworks, Goto, Groww, Kopi Kenangan, Mamaearth, Pine Labs, Polygon, Razorpay, Truecaller and Zomato.