Sigmoid, a startup helping firms in the U.S., U.K. and Europe comb through their data and derive better insights from it, has raised $12 million in a new financing round following a strong year of growth, it said Thursday.

Sequoia Capital India led the San Francisco-headquartered startup's Series B funding, which included some secondary shares purchase, the two said. The investment giant, which unveiled $2.85 billion funds earlier this year for India and Southeast Asia, has invested $19.3 million in Sigmoid to date, according to a statement.

Founded in 2013 by IIT alumni Lokesh Anand, Mayur Rustagi and Rahul Kumar Singh, Sigmoid offers analytics and AI solutions to companies around the globe. Firms operating in consumers goods and financial services categories are some of Sigmoid's largest customers, the startup said.

Sigmoid's journey has been remarkable. It has been in the market for about nine years, but says it initially took some time to find its "true solution-market fit," Anand, who serves as its chief executive, told TechCrunch in an interview. As you can expect from the nature of this news item, the startup has since found its pace, expanding its revenue by more than 30 times since 2018 and making 2x growth in just one year, he said, without sharing specific figures.

Sigmoid sees traditional players including Accenture, Infosys and Cognizant as some of its key competitors in the market. Nonetheless, it believes that its mix of people, process and technology make it a different entity altogether.

"Our focus is very heavily on the engineering data products," said Anand. "So, bringing that engineering component in analytics has helped us differentiate — and not only differentiate but deliver true value to our customers."

Sigmoid has a team of over 500 people, aiming to double down in the next 12 to 18 months. About 80% of the startup's current workforce is in India, with rest spread over the U.S., the UK and Europe. About three-fourths of the startup's business comes from the U.S., he said.