The round was led by General Atlantic with participation from Sequoia Capital, which has raised its stake in Mu Sigma after leading a $25m round of funding in April 2011. Mu Sigma said that it was “already profitable and can finance its own operations”, but will use the cash to accelerate its growth in the analytics market.

As a result of the funding, GA CEO Bill Ford will take a seat on the Mu Sigma board. He said: “We have long known and admired Mu Sigma for the strength of its management team and its innovative service offerings. The Big Data phenomenon is creating huge challenges for corporations as they look to better harness information to accelerate and improve decision making, and Mu Sigma is an excellent antidote. We look forward to working together in continuing to build a globally pre-eminent analytics company.”

Mu Sigma founder and CEO Dhiraj Rajaram (pictured) added: “We greatly value the network and expertise GA will add and look forward to a strong partnership. With General Atlantic and Sequoia Capital as investors, we now have both a world-class private-equity firm and a world-class venture capital firm behind us. Their experience and connections will be extremely valuable as we take Mu Sigma to the next stage of growth.”