Chicago-based data analytics firm Mu Sigma has raised $25 million in Series C financing of $25 million from Sequoia Capital. Mu Sigma, which has its main delivery centre in Bangalore, has raised funding from both Indian and US growth funds of Sequoia Capital.
The deal was led by Sequoia Capital India managing director Shailendra Singh, who now also joins the board of the company.
Mu Sigma helps its clients make better business decisions and solve problems in the areas like marketing, supply chain and risk analytics through the use of applied mathematics, business and technology. The firm has over 40 of the Fortune 500 companies as its clients, including Microsoft and Dell. It said it employs over 1,200 analysts and "is building the world’s largest applied math lab." Mu Sigma is led by its founder and chief executive officer Dhiraj Rajaram.
Global consulting firm McKinsey recently issued a research report predicting that for businesses to handle an explosion of “Big Data” — defined as data sets too big to be readily handled by today’s database technology — another 140,000-190,000 deep analytical talent positions need to be created in the coming years.
In 2008, Mu Sigma had raised a $30 million funding commitment from FTV Capital. Since then the revenues of the company have increased by over 600%, said Brad Bernstein, Mu Sigma board member and Partner at FTV Capital in a statement.
“Mu Sigma is the most impressive analytics services company we have met in years, and the only one of its kind to deliver business analytics at scale for many Fortune 500 clients using a global delivery model. The big-data phenomenon presents a massive opportunity for large corporations that can use analytics to make the right business decisions quickly and drive improvements to their top and bottom line, and Mu Sigma is an enabler for that," said Sequoia's Singh.