Cloud Analytics Startup Sigma Computing Raises $ 300 Million in Funding Round, Telecom News, ET Telecom

Cloud analytics start-up Sigma Computing raises $ 300 million in funding roundSigma Computing announced Thursday that it had raised $ 300 million in a funding round led by D1 Capital Partners and hedge fund XN, the latest startup to harness growing investor interest in the cloud analytics industry.

The Series C cycle also saw the participation of existing investors such as Altimeter Capital, Sutter Hill Ventures and Snowflake Ventures, the investment arm of data warehouse company Snowflake Inc.

Businesses quickly migrated to the cloud and bolstered their digital offerings due to the COVID-19 pandemic, which also led to a rapid transition to remote working. This has led enterprise software startups to raise funds at dizzying valuations.

Founded in 2014, Sigma started out as a tool for analysts who work with spreadsheets but also need real-time data. It competes with Microsoft Excel, Google Sheets, Tableau, and Looker.

The company currently counts food distributor US Foods, alternative asset manager Blackstone Inc and health technology company Athenahealth among its 220 customers.

Sigma, whose business is currently focused in the United States, is seeing increasing adoption of cloud computing and data warehousing in Europe and Australia, CEO Mike Palmer told Reuters.

Palmer has ruled out the possibility that Sigma will make an initial public offering in the near future, but said he would if the timing made sense.

“If they (Sigma) can achieve their vision over the next 24 months, they will be in a very good position to become a public company,” Stefan Williams, head of business development at Snowflake Ventures, told Reuters.

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