Bangalore- and California-based Big Data startup Sigmoid Analytics is in advanced talks with VC firm Sequoia Capital to raise $5M in its series A round of funding, sources privy to the development told Techcircle.in.
When contacted, Sigmoid's co-founder Lokesh Anand said, "We are still in talks to raise money."
We've also contacted Sequoia's managing director Mohit Bhatnagar, and will update the post as soon as we hear from him.
Sigmoid Analytics was founded in May 2013 by IIT Kharagpur alumni Anand, Mayur Rustagi and Rahul Kumar Singh. The firm is into real-time Big Data warehousing, streaming and ETL (extract, transform and load). It has built a technology infrastructure that can be used to store data, perform operations on it, and generate insights.
Sigmoid generates revenues by licensing its software as well as providing support and professional services. Sigmoid claims to have bagged more than 15 customers that include Pearson Plc, Capillary Technologies and NBC TV Network, among others. The startup currently employs around 20 employees.
The Indian Big Data space has seen a lot of action, of late. Recently, analytics company Manthan Software Services raised about $3 million from Fidelity Growth Partners and Norwest Venture Partners. Early last month, Mumbai-based pure-play analytics provider Fractal Analytics raised an undisclosed amount in funding from Canadian loyalty management firm Aimia. India- and US-based Mu Sigma Inc., one of the leading Big Data analytics companies in the world, is in talks with a group of investors to raise upwards of $200 million in fresh funding, which could value the company more than Flipkart.
Recently, Techcircle.in reported that The Hive India, a Big Data-focused early-stage fund floated by Amit and Arihant Patni—the sons of one of the co-founders of Patni Computer Systems — is close to investing in an IoT-enabled Big Data startup based out of Pune.