May 16 (Reuters) - 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.

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.