Sigma Computing, a San Francisco-based startup developing a cloud-hosted data analytics platform, today revealed that it’s nabbed $30 million in an extension of its series B round, bringing the total raised so far to around $60 million. Existing investors Altimeter Capital and Sutter Hill Ventures participated in the tranche, which CEO Rob Woollen said will bolster product development and customer support.
“This financing provides a clear line of sight toward the explosive customer growth we see on the horizon and the continued innovation it will take to get there,” said Woollen, a former Salesforce executive who cofounded Sigma in 2014 with MapR and Clustrix veteran Jason Frantz. “Data is worthless without a tool that empowers teams to properly explore it and uncover actionable business intelligence. At Sigma, we’re committed to empowering the curious by making data accessible for everyone at an organization, while keeping a laser focus on the governance, compliance, and security issues that often plague other data products.”
Sigma’s spreadsheet-like frontend supports upwards of 10 billion rows, with formulas, calculations, and definitions that transform data from any source. Behind the scenes, the backend converts actions to SQL, using an engine that supports things like window functions and groups.
Searches can be performed by natural language and by filter, the results of which can be compiled in an embeddable report and delivered via email.
Where collaboration is concerned, Sigma’s link feature enables users to map data relationships and add linked data to documents. The platform’s workspaces are conducive to sharing — they can be circulated among teams, departments, or entire organizations — and spotlight important data blocks, worksheets, and interfaces with visual badges and a range of visualizations.
Sigma has a foot in two market segments: data visualization, which was valued at $4.51 billion in 2017 and which is expected to reach $7.76 billion by 2023, and the big data and business analytics market, which could grow to $274 billion in 2022. It competes with startups like Platfora, not to mention behemoths like Databricks (which recently raised $400 million at a $6.2 billion valuation) and Fractal Analytics (which raised $200 million in January). But it’s had no trouble finding customers, including recognizable brands like Zumper, Navis, Olivela, LendUp, Clover, and Volta, to name a few.
“Along with Altimeter, Sutter Hill has doubled down on its investment in Sigma as a vote of confidence in the company’s seasoned leadership team and its unprecedented solution,” said Mike Speiser, Sigma board member and Sutter Hill Ventures managing director. “Sigma is a business accelerator solving real business issues across industries from technology to shipping and fashion. We’re extremely excited to support such a promising catalyst in this explosive market.”