Sigma Raises $200 Million in Series D Funding

May 17, 2024

28 3 minutes read

Sigma, the first and only cloud analytics solution built natively for cloud scale, today announced further evidence it is the market growth leader in cloud data analytics and the go-to application and workflow platform for cloud data apps. The company announced it has raised $200M in Series D financing to continue transforming BI through its innovations in AI infrastructure, data application development, enterprise-wide collaboration, and business user adoption.

Spark Capital and Avenir Growth Capital co-led the round with additional investments from new investor NewView Capital. All previous investors participated in the round, including Snowflake Ventures, Sutter Hill Ventures, D1 Ventures, Xn Ventures, and Altimeter Capital. The Series D funding, raised at a valuation 60% higher than the company’s Series C round three years ago, promises to further accelerate Sigma’s growth.

“Spark Capital is proud to partner with Sigma on its journey toward building a market leading data analytics platform. It’s been amazing to witness how quickly Sigma becomes pervasive within a company once users get their hands on the tool and are empowered to make faster, smarter, and more data-driven business decisions,” said James Kuklinski, General Partner, Spark Capital. “Unique features like Sigma’s Input Tables allow teams to effortlessly incorporate deeper context into their analyses by bringing their own data directly into the cloud data warehouse, all without writing any code. That kind of capability spreads like wildfire through enterprises and unlocks a new level of decision-making and collaboration.”

“As users of Sigma ourselves, we’ve experienced firsthand how powerful it is to democratize access to data and get it into the hands of users in an interface they are familiar with,” said Jared Sleeper, Partner, Avenir Growth Capital. “For the first time, people in charge of making business decisions can access their organizations’ data as if it were in a spreadsheet, building conviction and generating insights faster than ever before.”

Added Nick Bunick, Principal, NewView Capital, “It’s rare to see software proliferate across organizations the way Sigma has, which speaks to how exceptional Sigma’s team and product is. What makes Sigma so unique is the ability to use their product across SQL, Python, spreadsheets and natural language as a true warehouse and lakehouse native product.”

This past year, Sigma has demonstrated significant momentum, achieving record growth in revenues, new logo acquisition, and expansion of its partner ecosystem. Sigma is helping enterprises realize new value from their cloud transformation by improving the scale and security of BI, adding previously impossible functionality like warehouse writeback, real-time collaboration, and application development. Sigma’s customers are able to adopt its platform across all departments without having to train on new skills, resulting in immediate data democratization, high velocity and higher accuracy decision-making, collaboration, and workflow automation.

“Sigma is proving that there is deep market demand for driving greater productivity and monetization as a result of the cloud data transition. Just as infrastructure has consolidated on just a few cloud providers, and cloud data with even fewer application providers, Sigma is the winner in the application space, enabling everyone, from the least to the most technical employees, to gain new value from their cloud investment,” said Mike Palmer, Sigma CEO. “With the product enhancements we’re rolling out related to AI, Python and data applications, Sigma is defining the next category of data platforms and, as a result, also driving industry leading growth and adoption from the Fortune 10 to the latest startup.”

Sigma is focused on continuing to reinvent data analytics and shipping new innovations. The company recently announced it was rolling out a slew of new product features highlighted in its Spring product launch. Those features include: