Mu Sigma, the Chicago-based provider of analytics services, revealed it took a $25 million Series C from Sequoia Capital, the California-based VC. Shailendra Singh, a managing director at Sequoia, worked on the transaction. FTV Capital is among Mu Sigma’s other investors.
CHICAGO, IL – Mu Sigma (http://www.mu-sigma.com), a leading provider ofdecision sciences and analytics services, announced today that it has raised Series C financing of $25 million from Sequoia Capital.
With over 1200 highly educated, experienced analysts, Mu Sigma is building the world’s largest applied math lab. Mu Sigma helps Fortune 500 clients make better business decisions through the use of applied math, business and technology. The company solves high-impact business problems in a cost effective and sustainable manner by establishing dedicated centers of analytical expertise for its clients.
Shailendra Singh, Managing Director at Sequoia Capital, said, “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. Most importantly, Dhiraj and the management team have the vision and execution capability to build an enterprise for the very long term, and we’re delighted to partner with them in their mission of building the world’s largest analytics services company.”
Global consulting firm McKinsey recently issued a research report predicting that in order 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 years1. Mu Sigma is helping to fill that void.
Brad Bernstein, Mu Sigma board member and Partner at FTV Capital, the first institutional investor in Mu Sigma, said, “Mu Sigma’s ability to leverage best-in-class processes and deep industry expertise has enabled it to rapidly grow revenues by a remarkable 600 percent since FTV invested in the company in 2008. With its proven business model, Mu Sigma is successfully meeting client needs and exceeding client expectations across a broad array of industry verticals including financial services, retail, pharmaceuticals, transportation and technology. FTV is thrilled to continue its partnership with this dynamic management team and high-growth company.”
“I want to thank our clients first and foremost for partnering with us and being such strong advocates,” said Dhiraj Rajaram, Founder & CEO, Mu Sigma. “Companies today have vast amounts of data that they have collected over the last few decades. To understand all this data, Decision Sciences is going to play a much bigger role in the coming years. We at Mu Sigma are very excited to be a part of this revolution and we believe that we are not just building a company, but building an industry. Through our work with many market leading Fortune 500 companies such as Microsoft and Dell, we’ve enabled them to chart, implement and execute through a roadmap in decision sciences and analytics.”
About Mu Sigma
Mu Sigma is headquartered in Chicago, with its main delivery center in Bangalore, India, and is arguably the world’s largest pure-play decision sciences and analytics services company. It is a leading provider of decision science and analytics services, helping companies institutionalize data-driven decision making, by integrating the disciplines of business, math, and technology in a sustainable global delivery model. Mu Sigma works with market-leading companies across multiple verticals, solving high-impact business problems in the areas of Marketing, Supply Chain and Risk Analytics. With over 40 Fortune 500 clients including Microsoft and Dell, Mu Sigma has disrupted the analytics industry by integrating the disciplines of business, math, and technology in a sustainable global delivery model. Further, analytical assets developed by Mu Sigma’s innovation and development team ensure a competitive edge to clients.
About Sequoia Capital
Sequoia Capital provides venture capital funding to founders of startups who want to turn business ideas into enduring companies. As the “Entrepreneurs Behind the Entrepreneurs,” Sequoia Capital’s Partners have worked with innovators such as Steve Jobs of Apple Computer, Larry Ellison of Oracle, Bob Swanson of Linear Technology, Sandy Lerner and Len Bozack of Cisco Systems, Dan Warmenhoven of NetApp, Jerry Yang and David Filo of Yahoo!, Jen-Hsun Huang of NVIDIA, Michael Marks of Flextronics, Larry Page and Sergey Brin of Google, Chad Hurley and Steve Chen of YouTube, Dominic Orr and Keerti Melkote of Aruba Networks, Jonathan Kaplan of Pure Digital, Tony Hsieh of Zappos, Omar Hamoui of Admob and Steve Streit of Green Dot.
Over the last 10 years, Sequoia Capital has invested in more than 50 Indian companies including Café Coffee Day, Comviva (BhartiTelesoft), Fashion & You, Idea Cellular, Just Dial, Manappuram Finance, Paras, Quick Heal, Micromax and Vasan Health Care. For more information, please visit:www.sequoiacap.com/india.
About FTV Capital
FTV Capital is a multi-stage growth equity firm that invests in high-growth companies offering a range of innovative solutions in business services, financial services, technology, payments and transaction processing. FTV Capital provides entrepreneurs with unique access to its Global Partner Network, a group of the world’s foremost financial institutions that have invested in FTV Capital and its portfolio companies for more than a decade. Founded in 1998, FTV Capital has more than $1 billion across three funds, and has offices in San Francisco and New York. For more information, please visitwww.ftvcapital.com.
Mu Sigma is a trademark of Mu Sigma Inc. in the United States and other countries. Any other trademarks contained herein are the property of their respective owners.
1 McKinsey Global Institute, “Big data: the next frontier for innovation, competition and productivity,” May 2011