Cloud analytics firm Sigma valued at $1.5 bln in new funding round

Sigma Computing has raised $200 million in a funding round led by new investors Spark Capital and Avenir Growth Capital, the cloud analytics firm said on Thursday, valuing it at $1.5 billion.

WHY IT'S IMPORTANT

Companies are racing to adopt and expand generative artificial intelligence, sparking interest in cloud computing platforms that help process and store the vast amount of data used by genAI technology.

Startups that address the growing needs of AI-supporting applications have emerged as a bright spot in the otherwise lackluster private funding market.

CONTEXT

Sigma was founded in 2014 and started as a tool for analysts who work with spreadsheets and needed real-time data. Its customers range from delivery firm DoorDash DASH to asset manager Blackstone BX.

BY THE NUMBERS

The company said the Series D funding has been raised at a valuation 60% higher than its previous funding round three years ago when it had raised $300 million.